From outside China, you can trade ChangXin Memory and Unitree through perpetual futures on Hyperliquid, using a self-custodial wallet like Based funded with USDC. You don't own shares, but you get long or short exposure to both prices 24/7, with no Chinese brokerage account.
They're two of the most interesting companies in China right now. ChangXin Memory is the country's homegrown DRAM champion, and Unitree is the humanoid robot maker whose machines do backflips across the internet. Try to buy either one directly from abroad and you hit the same wall.
Why you can't just buy them
CXMT listed on Shanghai's STAR Market on July 27, 2026, in the largest IPO in that market's history. Unitree followed on August 19, 2026, with an equally enormous debut. But the STAR Market sits behind China's capital controls. Foreign retail investors can't open a mainland brokerage account without residence and a local bank account, the Stock Connect schemes don't cover new STAR listings for ordinary investors, and qualified foreign institutional quotas are for institutions. In practice, a retail trader in Singapore, London or New York can't buy either stock.
The way in: perps on Hyperliquid
Both companies have perpetual futures markets on Hyperliquid, a decentralised trading platform, quoted in USD and running 24/7. Based is the self-custody wallet that connects you to them. You trade the CXMT and UNITREE markets the same way you'd trade BTC: long or short, with leverage if you want it, from your own wallet.
A perp is a derivative that tracks a price. You get exposure to the company's price moves without owning shares, so there are no dividends and no voting rights. Positions carry liquidation risk, and funding fees apply while they're open. Because these markets trade around the clock while the STAR Market keeps short weekday hours, expect the perp price to drift from the last Shanghai print overnight and on weekends, especially when liquidity is thin.
How to get started
One: get Based on iOS, Android or the web and log in with your email or Google account. That creates your self-custody wallet, with no recovery phrase to write down. Keep that email account secure, since it's your way back in.
Two: fund the wallet with USDC, either bought in the app or transferred from an exchange you already use. That's the entire access requirement: no brokerage account, no bank account, just a self-custodial wallet funded with USDC. You don't need Chinese residence, a mainland bank card or a QFII quota.
Three: open the CXMT or UNITREE market, pick long or short, choose a size, and note your liquidation price before confirming. Start small. Newly listed STAR Market stocks are among the most volatile equities anywhere, and the perps carry that volatility around the clock. The getting started guide walks through a first trade in more detail.
Why trade China names here at all
Because the interesting parts of the Chinese market keep being the parts foreigners can't reach. The memory cycle runs through CXMT's fabs as much as through Micron or SK Hynix. The humanoid robot wave trades through Unitree before it trades through anything listed in New York. For most people outside China, a market open to anyone with a wallet, around the clock, is the first practical way to trade these names at all.
That's what permissionless trading means in practice: your passport stops deciding which companies you can have a view on.