ME News reports that on July 27 (UTC+8), according to Hyperinsight monitoring, ChangXin Technology debuted on the STAR Market, opening at CNY 49.50, a 471.6% increase from its issuance price of CNY 8.66. The intraday high reached CNY 49.88, before quickly retracing to CNY 38.11, resulting in a 23.6% range between high and low. As of this report, ChangXin Technology is trading at approximately CNY 46, still up 431.2% from its issuance price. The sharp volatility was immediately reflected in the Hyperliquid CXMT contract. Data shows that the CXMT contract surged to a high of USD 7.27 today, then dropped to a low of USD 5.96, retracing 18% within approximately 21 minutes. During this period, a total of USD 3.5345 million in liquidations were triggered across the market for CXMT contracts, including USD 2.397 million in short liquidations and USD 1.136 million in long liquidations. Rapid reversals on both ends led to the liquidation of major long and short positions. The two largest liquidated addresses collectively lost approximately USD 2.5041 million, accounting for about 70.9% of total CXMT liquidations: - Short address 0x517: Liquidated 272,500 CXMT short positions at an average price of USD 6.91, with a liquidation value of approximately USD 1.8848 million, resulting in a final loss of USD 249,000; - Long address 0x63c: Liquidated 100,000 CXMT long positions at an average price of USD 6.19, with a liquidation value of approximately USD 619,300, resulting in a final loss of USD 100,200. These two liquidations combined caused a total loss of approximately USD 349,200; both addresses now hold zero CXMT positions. On the fundamental side, ChangXin Technology issued a total of approximately 66.881 billion shares, corresponding to an initial market capitalization of CNY 579.188 billion. Based on the current share price of approximately CNY 46, the company’s total market capitalization has risen to approximately CNY 3.08 trillion. (Source: BlockBeats)
CXMT volatility triggers $3.5M in liquidations as Longxin Tech surges on listing
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Summary
On-chain data shows that Longxin Technology debuted on the STAR Market on July 27, opening at RMB 49.50, a 471.6% surge from its RMB 8.66 IPO price. The stock reached RMB 49.88 before dropping to RMB 38.11, recording a 23.6% intraday swing. On-chain analysis reveals that the CXMT futures contract on Hyperliquid fell 18% in 21 minutes, triggering $3.53 million in liquidations. Short liquidations totaled $239.7 million, while long positions lost $113.6 million. Two major addresses collectively lost $34.92 million, with their positions now fully liquidated.
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