Cryptocurrency Exchanges Provide Foreign Traders Access to Chinese AI Company Stocks

cryptonews.ruPublicado em 2026-07-27Última atualização em 2026-07-27

Resumo

Cryptocurrency exchanges are providing foreign traders with access to Chinese AI-related stocks via an unorthodox route, circumventing Beijing's capital controls. Instead of buying mainland shares directly, overseas investors are using perpetual futures contracts tied to Chinese semiconductor companies like memory chipmaker CXMT. These crypto-based derivatives allow betting on stock prices without actual ownership, bypassing strict rules like China's QFII system, Hong Kong's Stock Connect program, and the high entry barriers of Shanghai's STAR Market (e.g., a ~$74k minimum asset requirement). Trading in CXMT-linked perpetuals began even before its IPO, with significant volume recorded. The crypto-derived price for CXMT soared far above its official Shanghai IPO valuation, briefly implying a market cap higher than China's largest listed company, ICBC. This mechanism creates a parallel pricing market for assets otherwise restricted to foreign capital. The practice, initially developed for crypto assets like Bitcoin, now extends to pre-IPO shares of companies like SpaceX and OpenAI, highlighting how crypto platforms are creating alternative pathways for global investment into restricted markets.

Crypto traders are gaining access to the Chinese boom in artificial intelligence company stocks through a path that Beijing did not create for them. Instead of purchasing mainland Chinese shares, overseas investors are using perpetual futures contracts tied to Chinese chipmaker companies.

TracThese allow users to bet on stock prices without actually owning them, and they trade perpetually on cryptocurrency exchanges.

Through this mechanism, a separate market for brand names has formed, access to which is difficult for foreign capital through traditional exchanges.

The greatest interest is in the Chinese company CXMT, a memory chip manufacturer, whose shares are set to begin trading on the Shanghai Stock Exchange on Monday. TradeXYZ and Gate.com listed perpetual tracs linked to this company even before its public debut.

The company CoinGlass recorded a trading volume for CXMT futures of around $19 million over 24 hours. The chipmaker plans to raise nearly $10 billion, making this deal the largest IPO in mainland China since 2010.

Cryptocurrency Platforms Allow Offshore Traders to Bypass Chinese Stock Access Rules

Beijing operates a control system that hinders foreign investment in Shanghai and Shenzhen company stocks. Typically, foreign investors participate in trades through the Qualified Foreign Institutional Investor system or Hong Kong's Stock Connect program.

Both methods have limitations. While quotas limit the amount of money that can flow through the permitted channels, Stock Connect covers only a limited number of enterprises.

CXMT will list on Shanghai's STAR Market, which has strict requirements for local participants. Retail traders must have assets worth at least 500,000 yuan, or about $74,000 USD.

Additionally, a two-year trading history is required. This deters many mainland Chinese buyers from considering the company's pricing.

Since the trader never receives the shares, perpetual futures contracts bypass these account rules. This product originally emerged on cryptocurrency markets as a means to place bets on assets like Bitcoin without acquiring ownership.

Furthermore, it has no expiration date. Stablecoins are typically provided by users as collateral, after which they open a long or short position depending on where they believe the price will move.

Now this includes not just tokens. Cryptocurrency exchanges list tracs related to stocks, commodities, and private businesses. Traders have already used them to gain access to SpaceX and OpenAI shares before their public listings.

Tracs on SpaceX have also been used by Chinese users to circumvent laws aimed at preventing capital outflow from the country.

On Wednesday, TradeXYZ added a new trac on Chinese chips. The new contract offers tenfold leverage and tracs the shares of GigaDevice Semiconductor (SSE: 603986). This means losses can grow at the same rate as profits, however, a small deposit allows control of a much larger position.

Cryptocurrency Price for CXMT Significantly Exceeds Company's Planned Valuation on Shanghai Exchange

Pre-IPO trading is based on assumptions about how much a company might be worth after its shares begin public trading. A buyer earns money when the stock price opens on the exchange above the derivative price. After the debut, the flow of market data is expected to bring the trac closer to the current stock price.

Theo's Chief Investment Officer, Iggy Ioppe, stated that a perpetual position should mirror the underlying stock. Theo uses tokenized real-world assets. Instead of closing a position on a predetermined date, traders can continue using the trac after listing, as it never expires.

The CXMT share trac on Hyperliquid traded around $6.35 per share on Thursday. It reached a high of $8.60 before falling back again. The company's implied market capitalization on Thursday was about $425 billion, or approximately 2.9 trillion yuan.

Such a valuation would place CXMT above the Industrial and Commercial Bank of China (SSE: 601398; HKEX: 1398). ICBC, the largest company listed in mainland China, is valued at about 2.56 trillion yuan.

The official IPO figures are significantly lower. CXMT announced an initial sale price of 8.66 yuan, or about $1.28 per share. This put the initial valuation of the chipmaker near 579 billion yuan. Despite this, the sale would still be the largest IPO on the STAR Market.

Hyperliquid allows users to trade futures on commodities, stocks, and cryptocurrencies without acquiring the underlying assets.

Due to the inability of foreign investors to directly participate in the listing, demand from overseas investors has caused the price of the CXMT trac contract to be significantly higher than the offering price in Shanghai. As a result, a secondary price is being created on cryptocurrency platforms ahead of the official stock transfer.

Perguntas relacionadas

QAccording to the article, how are foreign traders gaining access to Chinese AI-related stocks despite Beijing's capital controls?

AThey are using perpetual futures contracts, or perps, linked to Chinese chipmaker stocks, which are traded on cryptocurrency exchanges. These derivatives allow them to bet on the stock's price without actually owning the underlying asset, thus circumventing the standard investment channels.

QWhat is CXMT, and why is it significant in the context of this article?

ACXMT is a Chinese memory chip maker preparing for an IPO on Shanghai's STAR Market. It is significant because it has become a major focus for foreign traders using cryptocurrency-based perpetual futures. These perps began trading even before CXMT's public market debut, creating a separate offshore pricing mechanism.

QWhat are the two main traditional routes for foreign investment in Chinese A-shares mentioned in the article, and what are their limitations?

AThe two main routes are the Qualified Foreign Institutional Investor (QFII) system and the Hong Kong Stock Connect program. Their limitations are that QFII has quotas limiting the investment amount, while Stock Connect covers only a limited number of companies, restricting foreign access to the broader Chinese stock market.

QWhat key advantage do perpetual futures (perps) offer traders regarding market access rules for stocks like those on China's STAR Market?

APerpetual futures allow traders to bypass strict account rules, such as the STAR Market's requirement for local retail investors to have assets worth at least 500,000 yuan and two years of trading history. Since traders using perps never actually take delivery of the shares, these rules do not apply to them.

QHow does the pre-debut price of the CXMT perpetual contract on a crypto platform compare to the company's official IPO price on the Shanghai exchange?

AThe pre-debut price of the CXMT perpetual contract was significantly higher. It traded around $6.35 per share on Hyperliquid, implying a market capitalization of approximately $425 billion. In contrast, the official IPO price set by CXMT was about 8.66 yuan (or $1.28) per share, valuing the company at around 579 billion yuan, a much lower figure.

Leituras Relacionadas

US Calls for Restrictions on Sports Prediction Markets

The National Football League (NFL) has urged the U.S. Commodity Futures Trading Commission (CFTC) to tighten rules for prediction markets on sports events. In a July letter, the NFL argued that current proposals fail to adequately protect the integrity of games and market participants. Key demands include banning contracts on events easily manipulated by individuals (e.g., a kicker missing a field goal), clarifying definitions to prevent gambling-like contracts, and explicitly prohibiting trading based on non-public insider information. The league also called for restricted person lists, a ban on margin trading, advertising limits, stronger user protections, and a minimum age of 21. This push coincides with an ongoing jurisdictional dispute between the CFTC and several states. The CFTC claims exclusive federal oversight, classifying event contracts as swaps, while states argue these platforms violate local gambling laws. Recent legal actions in Michigan and Minnesota highlight the conflict, with a federal court temporarily blocking Minnesota from applying a new law to CFTC-registered platforms like Kalshi and Polymarket. Meanwhile, prediction markets are experiencing significant growth. In June, driven by events like the World Cup, Kalshi's trading volume exceeded $31 billion (85% from sports contracts), while Polymarket's global platform hit a monthly record of $10.8 billion. However, platforms face legal challenges, such as lawsuits from Kentucky accusing them of operating unlicensed sports betting disguised as prediction markets.

cryptonews.ruHá 6m

US Calls for Restrictions on Sports Prediction Markets

cryptonews.ruHá 6m

Peskov Says Russia Is Among Top Five Leaders in AI Race. What Do Global Rankings Say?

On July 27, 2026, Kremlin spokesman Dmitry Peskov stated that Russia remains among the top five countries in the global AI development race. He acknowledged Russian models still lag behind leading U.S. counterparts but claimed they have reached a "very high level," aiming to close the gap with "superhuman efforts." He highlighted the differing approaches of Russia's GigaChat, built from scratch, and Yandex, which initially used foreign technology. However, this claim is not supported by major international AI rankings. Stanford University's Global AI Vibrancy Tool (2024-25) ranks Russia 28th out of 36 countries. The top five are the U.S., China, India, South Korea, and the UK. The Stanford AI Index Report 2026 does not mention Russia's position, focusing instead on U.S. and Chinese leadership across various metrics like investments and model performance. In benchmarks, GigaChat ranks 25th on the Russian-language LM Arena. While it passed a financial analyst exam in December 2025, its business usage costs are reportedly tens to hundreds of times higher than China's DeepSeek. In related developments, President Putin signed a law on July 26, 2026, establishing a legal framework for sovereign AI models and granting developers access to state data. Previously, Russia joined 28 other nations, including China, to establish the World AI Cooperation Organization (WAICO) in Shanghai. The article notes that rankings vary due to different criteria, such as research, investment, infrastructure, or responsible AI governance. While Russian authorities are bolstering AI through legislation and international cooperation, independent analyses suggest the country faces significant challenges, including a hardware deficit for training models, which legal frameworks alone cannot resolve.

cryptonews.ruHá 6m

Peskov Says Russia Is Among Top Five Leaders in AI Race. What Do Global Rankings Say?

cryptonews.ruHá 6m

Just One Step Away, What's Really Holding Up the Clarity Act?

The "Clarity Act," a major U.S. digital asset market structure bill, faces a critical hurdle with Congress's summer recess approaching on August 7. While the White House agreed to add an "ethics provision" targeting officials' crypto dealings—seen as a concession from Republicans—significant disagreements remain, causing analysts to lower its 2026 passage probability to 30%. The core dispute centers on the ethics clause's details. Democrats object to its enforcement being solely under the Department of Justice (DOJ), led by an ex-Trump lawyer, demanding independent oversight. They also oppose a sunset clause making the rules expire in 2029 (coinciding with a potential Trump term end) and argue restrictions on officials' family members are insufficient. Seven key Democratic senators negotiating the bill have called the current text inadequate. Republicans show little sign of further compromise, with a White House advisor stating the President has already made historic concessions. Time is running out. The Senate has postponed the bill to prioritize other matters, with only a few days left before recess. It must also compete for floor time with other contentious bills like Russia sanctions. The final push for the Clarity Act hinges on resolving these last-minute ethical and procedural disputes.

marsbitHá 21m

Just One Step Away, What's Really Holding Up the Clarity Act?

marsbitHá 21m

Just One Step Away, Where Is the Clarity Act Stuck?

The U.S. Digital Asset Market Structure Act, or Clarity Act, faces a critical, time-sensitive hurdle in the Senate despite recent progress. While the White House added an "ethics provision" to the bill—seen as a compromise with Republicans—significant disagreements persist, particularly regarding the details of this clause. Democrats oppose key elements: they object to granting enforcement authority solely to the Department of Justice, citing potential conflicts due to the Attorney General's past role as Trump's lawyer; they criticize a sunset clause that would void the provision after Trump's potential term ends in 2029; and they argue the restrictions on officials and their families are insufficient. With the Senate's summer recess approaching, the bill's timeline is severely constrained. It must compete for floor time with other contentious legislation, and procedural rules could further delay a vote. Analysts, noting strong Democratic resistance and limited negotiation time, have significantly lowered the probability of the bill passing in 2026. The final obstacle remains bridging the gap on the ethics provision's specifics, determining whether the long-awaited regulatory framework will be enacted imminently or postponed indefinitely.

Odaily星球日报Há 26m

Just One Step Away, Where Is the Clarity Act Stuck?

Odaily星球日报Há 26m

From Sand to Chips: Hefei's Semiconductor Alchemy

From Sand to Chips: Hefei's Semiconductor "Alchemy" On July 27, 2026, a memory chip maker from Hefei made history by surpassing the market capitalization of Industrial and Commercial Bank of China on its Shanghai Stock Exchange debut. This marks the culmination of Hefei's two-decade industrial transformation, often summarized in three strategic leaps: "Screen, Chip, Vehicle." The journey began in 2008 with a bold investment in BOE, establishing China's first 6th-generation LCD panel line. The second leap was the "Project 506" in 2016, which gave birth to ChangXin Memory Technologies (CXMT). With initial backing of 14.4 billion RMB from Hefei's state-owned investment platform, CXMT aimed to break into the global DRAM market, then over 95% controlled by three overseas giants. CXMT achieved a breakthrough in 2019 by producing China's first 8GB DDR4 DRAM chip, employing "generational leapfrog" R&D to catch up. After years of significant losses, the company turned profitable in 2025. A dramatic surge followed in 2026, driven by AI-driven demand and full capacity utilization, propelling CXMT to become the world's fourth-largest DRAM manufacturer. CXMT's success is not isolated. It anchors a dense, localized semiconductor ecosystem in Hefei. Within its vicinity are numerous supporting companies for equipment, materials, and packaging & testing. This cluster has fueled the regional economy, with Hefei's integrated circuit industry output growing over sevenfold between 2016 and 2025. The ripple effects extend beyond high-tech, revitalizing local communities with new businesses and services catering to the influx of workers. For individuals, Hefei offers competitive tech salaries at a significantly lower cost of living compared to major coastal cities, along with improved amenities and shorter commutes. Hefei's story demonstrates two decades of focused, long-term industrial policy, transforming the city from a provincial capital into a trillion-RMB GDP "Double Ten-Thousand" city (10 million people, 1 trillion RMB GDP). It shows how persistence in strategic sectors—turning sand into chips—can redefine a city's economic destiny.

marsbitHá 36m

From Sand to Chips: Hefei's Semiconductor Alchemy

marsbitHá 36m

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow