ChangXin Memory Technologies begins trading on Shanghai’s STAR Market on Monday. A market for its shares has already existed for a week and a half — not in Shanghai, but on a decentralized derivatives exchange most of the company’s domestic subscribers have never heard of and cannot legally access.

Trade.xyz deployed a pre-IPO perpetual futures contract on Hyperliquid in mid-July, on the eve of subscriptions opening for what is Asia’s largest share sale of the year and the largest semiconductor offering ever run through China’s domestic A-share market. CXMT priced at 8.66 yuan, roughly $1.28, selling 6.69 billion shares for about 10 percent of the post-offering count and raising close to $8.6 billion. Within days the on-chain contract was trading near $8. Against a post-IPO share count of 66.881 billion, that implied a valuation around $535 billion — about 6.3 times what the underwriters had just settled on with institutional bookrunners in Shanghai.