Changxin Technology’s debut on Shanghai’s STAR Market drew an extraordinary concentration of trading activity, closing its first session up 465.82% with more than 140 billion yuan in turnover and a reported market capitalization of 3.28 trillion yuan. The listing placed a Chinese semiconductor company at the center of a trading day that also exposed rising demand for ways to speculate on major hardware and technology events through crypto-linked perpetual contracts.
In its first hour of trading, Changxin Technology’s market value reached roughly 3.31 trillion yuan, making it the STAR Market’s largest company by value at that point. Turnover surpassed 100 billion yuan during the opening hour, while the stock’s turnover rate exceeded 50%, a combination rarely seen in a single session for a newly listed company of that scale.
The debut comes alongside reports that China’s domestic semiconductor supply chain is moving closer to commercial deployment of advanced manufacturing equipment. The Information reported that a Shanghai state-backed enterprise has begun mass production of domestically developed deep ultraviolet, or DUV, lithography equipment used in chip fabrication.
Domestic lithography production targets major chipmakers
According to The Information, the company plans to produce about five DUV lithography machines in 2026 and around 20 in 2027. The initial output remains small beside the global market leader: ASML delivered 131 immersion DUV systems last year, according to the report.
The projected Chinese deliveries are intended for major local chip manufacturers, including Semiconductor Manufacturing International Corp., Hua Hong Semiconductor and memory producer Changxin Memory, The Information said. Yuliagsheng Semiconductor, SMIC, Hua Hong and Changxin Memory did not comment to the publication.
The gap in planned output underlines the scale of the challenge facing China’s equipment industry. Yet even limited domestic production could give Chinese foundries an additional procurement route for some manufacturing steps, particularly where access to foreign equipment is constrained. DUV tools are less advanced than extreme ultraviolet systems but remain essential across large portions of semiconductor manufacturing.
Changxin Technology’s market debut therefore arrived as traders focused on a sector where financing, equipment capacity and national industrial policy are increasingly tied together. Its first-day valuation also contrasts sharply with the more subdued tone in major crypto assets, although the available market moves alone do not establish that equity demand caused the digital-asset declines.
Bitcoin fell 2.97% over 24 hours, Ether dropped 3.57% and Solana declined 4.11%, according to the market figures supplied. BNB was down 1.39%, XRP lost 4.39%, and ZEC fell 5.77%. Smaller tokens showed much sharper moves, with BANK down 15.65%, DEXE falling 14.5% and SNDKB sliding 16.31%.
Perpetual trading surged before the share debut
The more unusual crypto-market development was in the CXMT-linked perpetual market on Hyperliquid. Blockchain analytics firm Allium said trading activity accelerated sharply shortly before the IPO event it tracked, creating a concentrated derivatives market around a public-equity-related catalyst.
Allium’s review found that the relevant token had been tradeable for 12 days. One minute before the IPO, its perpetual-contract price stood within 3% of the eventual opening price, suggesting the derivatives market had closely converged on the anticipated debut level.
Volume reached $14 million in the 15 minutes preceding the IPO, compared with $1 million during the corresponding period a day earlier, Allium reported. Total trading volume before the IPO reached $17.8 million.
The data also showed that profitable accounts identified by Allium as “smart money” had established short positions before the event, with many either maintaining or increasing those positions afterward. Wallets associated with the United States and Hong Kong were the largest net-long participants, while South Korea-linked wallets represented the largest net-short group.
Such contracts can give crypto-native traders exposure to a narrative surrounding a stock-market event without directly trading the underlying shares. They also introduce a different set of risks: perpetual contracts use leverage, trade continuously and can diverge from the price of the referenced asset during rapid volatility.
Tokenized equity names moved against the broader crypto market
Several tokenized equity-style instruments rose while major cryptocurrencies declined. NCTY gained 37.38% over 24 hours and SKDD rose 17.06%, according to the supplied market data. CLS added 12.68%, while DJT gained 11.8%, DEFT rose 10.26%, RGTI advanced 10.18% and NVDQ added 10.06%.
These gains point to a fragmented market rather than a uniform move away from digital assets. Crypto tokens tied to individual equities, especially technology and AI-related names, can respond to company-specific news and equity-sector momentum even when Bitcoin and Ether are under pressure.
Solana-based meme activity remained active as well. The Solana meme coin EPIK briefly exceeded a $23 million market value before later trading near $22 million, after rising more than 58-fold intraday, according to the supplied figures. The move illustrates how pockets of highly speculative liquidity can coexist with declining prices among larger, more established tokens.
Security and regulation remain competing market risks
Market attention is also divided by security incidents and delayed U.S. legislation. Stablecoin payments infrastructure provider Triple-A reported that losses from a cyberattack had risen to $11.8 million. Earlier reporting indicated that more than $9.3 million was taken from a hot wallet and bridged to Ethereum.
In Washington, Senate Majority Leader John Thune temporarily set aside the CLARITY Act to prioritize nominations and Russia sanctions legislation. The bill could reach votes as early as the final days before the Aug. 8 recess, though negotiations continue over ethics provisions affecting federal officials, including President Donald Trump.
Stand With Crypto said it had sent more than 925,000 emails to Congress during 2025 and more than 1.1 million since its formation, while planning to track Senate votes on the legislation through a public scorecard.
Outside the United States, Japan’s crypto-linked corporate activity is taking a more product-focused form. Metaplanet acquired Siiibo Securities for about 2.1 billion yen, or roughly $13 million, gaining a Japanese securities business that could support the design and sale of financial products. The company has described plans for bitcoin-backed bonds with annualized yields of about 4% to 6%.
The Changxin Technology listing, domestic lithography plans and the pre-IPO derivatives activity together show how semiconductor milestones are becoming tradeable events across both traditional and crypto-native markets. The clearest divide lies in market structure: Shanghai’s debut delivered massive spot-market turnover in a regulated equity venue, while Hyperliquid traders used leveraged perpetual positions to express views around the same semiconductor narrative.
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