How Is a Pre-IPO Company's "Share Price" Determined on Hyperliquid?

Trade.xyz launched a Pre-IPO perpetual for ChangXin Memory Technologies (CXMT) on Hyperliquid on July 14, and its price is set by order book trading rather than by the company's share price. The contract, ticker xyz:CXMT, began with a Trade.xyz-set reference price of $5, supports up to 5x leverage, and is settled in USDC. As of 02:13 UTC on July 16, Hyperliquid's onchain data showed a mark price of about $7.37, while the company's A-share IPO price is RMB 8.66, with listing expected on July 27. The article states that the contract holds no stock, IPO allocation, dividends or voting rights, and that its 20% discovery bounds, re-anchored to $6, $7.20 and $8.64, shape how the price moves.