Cryptocurrency Exchanges Provide Foreign Traders Access to Chinese AI Company Stocks
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.
cryptonews.ru2 gün önce 10:52
