With a paper loss of $1.5 million, Changxin Technology's top short seller predicts a 50% drop in its share price before its IPO.

According to Hyperinsight monitoring, the "listing price halved" whale (a large short seller) currently holds 2.6 million shares of Changxin Technology, with a position value of approximately $17.914 million and an average entry price of $6.40. Its unrealized loss is approximately $1.252 million, and including the $281,000 in funding fees paid, the total book loss is approximately $1.533 million. This whale uses 1x leverage, with a current return of -7.52% and a liquidation price of $17.75, maintaining a low-leverage, long-term short position – a so-called "investment" strategy. This morning, before the official opening of Changxin Technology's A-shares, the whale created 300 "only reduce position" buy orders, planning to take profits in batches between $2 and $4.50, totaling approximately 2.6 million shares, almost covering its entire position. During the order creation period, the CXMT price was between $6.53 and $6.58. Hyperliquid data shows that when the A-share market opened at 9:25, CXMT was trading at approximately $7.108; when continuous trading began at 9:30, the corresponding opening price for CXMT was $7.123. The weighted average price of the aforementioned profit-taking orders was approximately $3.211, 54.9% lower than the 9:30 opening price. Specifically, the highest profit-taking level was $4.50, 36.8% lower than the opening price, and the deepest level was $2, 71.9% lower; 64.2% of the profit-taking orders were placed below $3.561, meaning that over 60% of the positions were waiting for CXMT to halve from its opening price before closing.