Hyperliquid has added ChangXin Memory Technologies (CXMT) to its trading platform, providing overseas users access to shares in China's largest and the world's fourth-largest DRAM manufacturer by production capacity.
CXMT raised 57.9 billion yuan in its Shanghai listing on the STAR Market, making it the largest fundraising in that exchange's history. The offering surpassed SMIC's 2020 raise of 53.23 billion yuan, according to IPO filings.
The STAR Market, China's tech-focused exchange launched in 2019, typically requires domestic investors to maintain a minimum account balance of 500,000 yuan to trade listed securities. Hyperliquid's listing of CXMT allows international users to bypass that threshold and gain exposure to the shares. The platform previously added the CSI STAR Market 50 ETF, which tracks the exchange's largest companies.
CXMT manufactures DRAM chips used in data centers, personal computers and other devices. The company operates production facilities in mainland China and competes globally with Samsung, SK Hynix and Micron Technology.
Hyperliquid is a decentralized derivatives exchange built on Solana that has expanded beyond perpetual futures into spot trading of tokens and now equity-linked products. The platform operates without traditional market-maker intermediaries, settling trades on-chain.
The listing comes as international brokerages face restrictions on offering A-share products to retail customers outside China. Hyperliquid's model circumvents some regulatory barriers by operating as a decentralized protocol rather than a registered broker-dealer.
