CXMT’s RMB 29.5B IPO Sparks 5x Surge, But Memory Cycle Risks Loom
China's sole scaled DRAM producer hits the STAR Market at a RMB 579 billion (US$80.4 billion) valuation, even as crypto derivatives on Hyperliquid briefly priced the company above Industrial and Commercial Bank of China—a disconnect that lays bare both the geopolitical premium attached to domestic