Changxin Technology’s opening session featured a rollercoaster price swing, triggering $3.5 million in liquidations of both long and short whales, who were caught on opposite sides of the volatile move.

According to Hyperinsight’s monitoring, Changxin Technology (CXMT) debuted on China’s STAR Market today, opening at 49.50 yuan, surging 471.6% from its IPO price of 8.66 yuan. The stock hit an intraday high of 49.88 yuan before quickly falling to 38.11 yuan, with a 23.6% price swing between the day’s high and low. As of press time, Changxin Technology traded at around 46 yuan, still up 431.2% from its IPO price. The sharp volatility spilled over to Hyperliquid’s CXMT derivatives contracts. Data shows CXMT contracts peaked at $7.27 today, then dropped to a low of $5.96, marking an 18% pullback in roughly 21 minutes. During this period, total liquidations across all CXMT contracts reached approximately $3.5345 million, including $2.397 million in short-position liquidations and $1.136 million in long-position liquidations. The rapid price reversal led to liquidations of large whale traders on both sides of the market. The two largest liquidation addresses together lost around $2.5041 million, accounting for roughly 70.9% of total CXMT liquidations: Short position address 0x517 was liquidated at 08:16 for 272,500 CXMT short contracts at an average price of ~$6.91, with a liquidation value of ~$1.8848 million and a final loss of ~$249,000. Long position address 0x63c was liquidated at 09:41 for 100,000 CXMT long contracts at an average price of ~$6.19, with a liquidation value of ~$619,300 and a final loss of ~$100,200. The two liquidations totaled ~$349,200 in losses, and both addresses have since cleared their CXMT positions. Fundamentally, Changxin Technology has a total issued share count of approximately 66.881 billion, corresponding to an IPO market capitalization of ~579.188 billion yuan. At the current share price of ~46 yuan, the company’s total market cap has risen to around 3.08 trillion yuan.