oSDMC-pre, issued by Polynomial Research, is a tokenized pre-IPO equity proxy that provides outcome-based economic exposure to a single capped vault subscribing to an IPO allocation in one named company through a bankruptcy-remote special-purpose vehicle. [S1][S2]

The vault tracks the listing of Shenzhen SDMC Technology (HKEX:0901), a smart-home device manufacturer. Holders receive a vault token representing a pro-rata bearer claim on net sale proceeds, not the underlying shares; value accrues to a Net Redemption Value computed from actual net proceeds rather than the public stock price, with no dividends passed through. [S3][S4] Holders bear an upfront access fee of 4 to 8%, broker, custody and FX costs, a source profit share on upside, and a 15% Openstock platform fee. [S4]

Each vault is issued through a separate per-vault SPV that subscribes to the allocation, signs the broker mandate, and holds the shares with a custodian named per vault; the SPVs are bankruptcy-remote from Polynomial Research and contracts are non-upgradeable. [S2][S5] The token is not an SEC-registered security and confers no voting or dividend rights; offerings rely on offering exemptions restricted to eligible offshore investors, excluding U.S. persons, Hong Kong residents, and sanctioned jurisdictions under tiered KYC. [S6][S7] Redemption opens in defined vault states, burning tokens for proportional U.S. dollar coin (USDC) at the fixed NRV until a close-out date. [S8]

Vault tokens use the ERC-20 standard on Ethereum Mainnet and Base Mainnet and the SPL standard on Solana Mainnet, issued natively per network with non-upgradeable, fixed parameters. [S9] On deposit, holders receive a pro-rata vault token; on redemption they sign one transaction burning tokens for USDC. [S1][S8] NRV is published from the Sold state onward. [S10]

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  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.opn.st/introduction/what-is-openstock" },
    { id: "S2", url: "https://docs.opn.st/legal/structure" },
    { id: "S3", url: "https://docs.opn.st/introduction/what-you-own" },
    { id: "S4", url: "https://docs.opn.st/mechanics/fee-waterfall" },
    { id: "S5", url: "https://docs.opn.st/reference/faq" },
    { id: "S6", url: "https://docs.opn.st/legal/jurisdictions" },
    { id: "S7", url: "https://docs.opn.st/legal/disclosures" },
    { id: "S8", url: "https://docs.opn.st/using/redeem" },
    { id: "S9", url: "https://docs.opn.st/reference/contracts" },
    { id: "S10", url: "https://docs.opn.st/vaults/lifecycle" },
  ]}
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Tokenized stocks

Openstock mints fractional pre-IPO equity tokens (e.g., oSDMC-pre for Shenzhen SDMC Technology) on multiple chains and earns fees on issuance and secondary trading.

Openstock (opn.st) is a multi-chain tokenization platform issuing pre-IPO equity exposure tokens for late-stage private companies. The platform issues fractionally-backed corporate equity proxies on Ethereum, Base, and Solana.

Openstock is a multi-chain tokenization platform issuing pre-IPO equity tokens for late-stage private companies, deploying on Ethereum, Base, and Solana.

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Openstock

OpenStock SDMC Technology (oSDMC-pre) is a token tracking Shenzhen SDMC Technology Co., Ltd. shares, backed by dedicated collateral, and distributed through F.XYZ Labs.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions worldwide can mint and redeem directly with Openstock in USDC, and holders have a right to redeem at net asset value with instant settlement.

Residents of the United States, Canada, the United Kingdom and other jurisdictions the issuer restricts cannot mint or redeem with Openstock.

oSDMC-pre has been issued on public blockchains since May 2026 and is native to Base, Ethereum, and Solana.

OpenStock SDMC TechnologyoSDMC-pre

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