The Largest Chip Listing in Chinese History, Now Live on Pyth Pro

ChangXin Memory Technologies (CXMT) is China's largest maker of DRAM, the memory that sits in every server, phone, and PC. Its debut on Shanghai's STAR Market is the largest chip listing in Chinese market history and Asia's largest IPO of 2026.

The company priced at 8.66 yuan per share, raising up to 66.6 billion yuan (about $9.8 billion) with the over-allotment, roughly double its original target, and valuing CXMT near $85 billion at the offer price. It is the biggest chip listing mainland China has ever seen, passing the record SMIC set on the STAR Market in 2020. By total size it is the second-largest listing in China's history, behind only Agricultural Bank of China's 2010 offering. Demand matched the scale: the retail tranche was oversubscribed 212 times, drawing 9.4 million individual orders.

Every platform that wants to launch a market for such a listing needs one thing: a price.

The hardest tick to price is the first one

A newly listed stock has no trading history, and prices can move sharply in the opening minutes. Any platform opening a market at the debut needs a feed it can trust from the first trade, not one that catches up an hour later.

Pyth delivered real-time CXMT data from the opening print, the first global data provider to price the symbol, giving exchanges, perpetual platforms, and prediction markets the pricing inputs to stand up a market on day one. CXMT is Pyth's first day-one feed for a mainland Chinese IPO, following day-one coverage of US listings including CRCL, FIG, CBRS, and SPCX.

Mainland Chinese equity data has historically been among the hardest to reach. Access has run through regional brokerage relationships, licensing regimes, and vendor contracts priced market by market, keeping real-time mainland pricing out of reach for most platforms operating outside China. Pyth sources CXMT directly from the firms trading it in Shanghai and publishes it, from the first tick.

From pre-IPO expectation to listed price

TradeXYZ has become the venue traders turn to for assets that have historically traded during traditional market hours. Built on Hyperliquid's HIP-3, it opened permissionless perpetual markets across global equities, commodities, and macro assets, and now drives the majority of HIP-3 activity, part of an ecosystem that has processed more than $430 billion in cumulative volume priced by Pyth. Its off-hours prices have drawn attention from traditional trading desks.

That track record extends to listings before they happen. Ahead of the debut, TradeXYZ ran a CXMT pre-IPO market giving traders a live read on the deal through the subscription window. During that window the contract traded far above the offer price, reaching levels that implied a valuation of roughly $500 billion against the offer's $85 billion.

Once CXMT began trading in Shanghai, that market gained a real underlying to price against, and TradeXYZ integrated Pyth as an external pricing source for its market.

“The hardest price to establish is the first one – a newly listed stock has no trading history, and launching a market of this scale at debut requires a trusted price feed,” said Mike Cahill, CEO of Douro Labs and Contributor to Pyth Network. “Together with TradeXYZ and Hyperliquid, we are delivering a seamless venue to trade CXMT from its debut and demonstrating the capabilities of Pyth's price layer for always-on global markets.”

The Asian expansion continues

CXMT is the newest addition to a Pyth Pro equity catalog that has moved quickly across Asia. Hong Kong equities went live earlier this year now spanning close to 100 listed stocks. Mainland Chinese and South Korean equities just followed, including Cambricon Technologies, GigaDevice Semiconductor, and SK Hynix. Japanese equities are on the roadmap.

Each of these arrives through the same integration already delivering US equities, FX, commodities, fixed income, and crypto. Perpetual exchanges can launch Asia equity markets priced alongside crypto and US equities on the same stack. Prediction markets can build event contracts on Asian technology earnings and index movements.

CXMT is live on Pyth Pro today. Existing Equities and All Access subscribers can use the feed immediately. Teams looking to integrate can start at the Pyth Terminal.