Who Is Stealing IPO Pricing Power as Chip Valuations Flow on Crypto Platforms?

I noticed an interesting detail: CXMT's IPO hasn't officially launched yet, but its "pre-trading" valuation on crypto platforms has already skyrocketed to the level of China's most valuable companies, even surpassing Moutai. How does a state-backed memory chip company get hyped to such astronomical prices in the crypto circle?