Jiang Zhuoer: Changxin Technology’s opening price is too high, with no trading or arbitrage opportunities left.

According to Hyperinsight monitoring, following CXMT’s listing, the largest sell order on Hyperliquid originated from the address starting with 0xdb0. This address currently has 98 CXMT sell orders placed, spanning a price range of $7.32 to $23, totaling 1.425 million units sold, with a notional value of approximately $24.982 million. Data shows this address currently holds 2,462.5 CXMT short positions; if the above sell orders are gradually filled, it will further expand its short exposure. Meanwhile, another whale address starting with 0xf29 is facing substantial unrealized losses: this address shorted 2.6 million CXMT units with 1x leverage, with a position value of approximately $18.304 million, an average entry price of $6.4083, current unrealized losses of around $1.642 million, and a liquidation price of $16.9078. However, this whale has pre-set an exit strategy for a price pullback, currently placing 300 "take-profit" buy orders in the $2 to $4.5 range, planning to repurchase all 2.6 million short positions, with a notional value of approximately $8.35 million. If CXMT pulls back later, this range may serve as its batch position-closing zone. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.

Leading domestic Chinese storage giant ChangXin Memory Technologies listed on the STAR Market, setting multiple A-share market records on its debut trading day: 1. It is the first A-share tech stock to open with a market capitalization exceeding 3 trillion yuan, with an opening total market cap of around 3.31 trillion yuan; 2. It topped the STAR Market’s market capitalization rankings, overtaking Semiconductor Manufacturing International Corporation (SMIC) to become the board’s largest listed company; 3. It is the first individual A-share stock to log a daily turnover of over 100 billion yuan; its trading volume exceeded 100 billion yuan in the first hour of listing, with full-day turnover expected to hit another record; 4. It is the first new A-share issue to post both a daily turnover of over 100 billion yuan and a turnover rate above 50%. The massive trading volume and high turnover reflect unprecedented market activity.

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Changxin Technology's trading volume surpassed 100 billion yuan, becoming the first individual stock in A-share market history to post a single-day turnover exceeding 100 billion yuan. The stock is now trading more than 472% higher, with a turnover rate of nearly 49%.

According to Hyperinsight’s monitoring, as of press time, Changxin Technology (688825.SH) A-share was trading at 49.50 yuan. At the same time, the oracle price of CXMT contracts on Hyperliquid stood at $7.31, while the mark price was $6.97: the mark price was $0.3345 lower than the oracle price, a discount of 4.57%; it was also $0.3771 lower than the converted A-share price, a discount of 5.13%. When converted to RMB, Hyperliquid’s mark price corresponds to approximately 46.96 yuan, about 2.54 yuan lower than Changxin Technology’s actual stock price; the oracle price translates to roughly 49.21 yuan, with a difference of only 0.29 yuan from the actual stock price.