Post Crypto trader suffers over $1M unrealized loss on short of China's most valuable company post-IPO 📉

Crypto trader suffers over $1M unrealized loss on short of China's most valuable company post-IPO 📉 An unknown crypto trader on Hyperliquid has incurred an unrealized loss of over $1M on their short position in a perpetual futures contract for the Chinese memory manufacturer ChangXin Memory Technologies (CXMT). According to data from Hypurrscan, at the time of publication, they are holding a short position with a notional value of approximately $17.7M using leverage. Today, CXMT shares debuted on the Shanghai Stock Exchange and rose more than 500% in yuan during trading, making it the most valuable public company in China by market capitalization at its peak. The CXMT IPO became the largest in Asia in 2026 and the largest offering in mainland China since 2010. Even before trading began, the TradeXYZ platform based on Hyperliquid launched perpetual futures on CXMT shares. These are the first crypto perps on a Chinese company's stock in principle. At the time of publication, the trader's position remains open. In addition to the unrealized loss of over $1M, they have already paid about $293K in funding fees. Their position will be liquidated at a price of $17.75. Their trading wallet still holds over $30M in the USDC stablecoin.