Chinese company ChangXin Memory Technologies, which specializes in DRAM memory chip production, is preparing for its IPO in Shanghai, which could become the largest IPO in Asia this year. The company's valuation is reaching around $425 billion, making it the most valuable company listed on the mainland.
Crypto traders are pricing ChangXin Memory Technologies at nearly $500 billion, indicating that offshore investors, locked out of the IPO, are turning to crypto platforms to create a parallel market.
Analysts say this high price reflects limited access as well as confidence in the underlying business.
The IPO offer price was initially set at 8.66 yuan ($1.28) per share, meaning the company could raise around $8.6 billion.
