CXMT is 3 days away from its IPO, as newly opened whale positions partially cut their CXMT long positions.

According to Hyperinsight monitoring, CXMT on Hyperliquid is currently trading at $6.4658, down roughly 0.8% over 24 hours, equivalent to ~¥43.93. This is 5.07 times the ¥8.66 IPO price of Changxin Technology, representing a ~407% premium. Changxin Technology is set to list on the STAR Market on July 27 (next Monday), with stock code 688825. Its total post-IPO share count is ~668.81 billion, of which ~45.03 billion shares will be tradable from the first day of listing. Calculated at CXMT’s current price, its implied market cap is ~¥2.94 trillion, ~¥2.36 trillion higher than the IPO valuation of ¥579.188 billion. CXMT futures launched on July 15, hitting a high of $8.64 (~¥58.70) from $6 on its first day, at one point trading at a 577.8% premium to the IPO price, with its implied market cap once approaching ¥3.93 trillion. The current price has fallen 25.2% from that peak, but remains 7.8% higher than its launch price. Open interest for CXMT on the platform stands at ~$50.1 million, with 24-hour trading volume of ~$11.566 million. On the address front, the largest existing position is held by address 0xf29, which is short $8.53 million worth of CXMT at 1x leverage, with an average entry price of $6.6, unrealized profit of $170,000, and liquidation price of $15. Meanwhile, the largest recent million-dollar position (a whale address starting with 0x8e09) has started reducing its long positions; after 13:00 today, it sold a small portion of 30,000 units. As of press time, this address still holds 204,100 CXMT long positions in isolated mode at 5x leverage, with a position value of ~$1.19 million, average entry price of $6.57, unrealized loss of ~$17,000, and a return of ~-7.9%. Although this position is marked as 5x leverage, it has posted ~$1.196 million in isolated margin, resulting in an effective leverage of only ~1.1x; it is currently labeled "Hanba Xiaolong" on Hyperliquid.