Chinese RF front-end chip manufacturer On-Micro recently made its grand entrance onto the STAR Market. In this Initial Public Offering (IPO), about 24.8829 million shares were made available to the public at a price of 83.06 yuan per share, successfully raising a total of roughly 2.067 billion yuan. The IPO price translates to a 2024 post-dilution static price-to-sales ratio that is lower compared to its industry peers. On its very first day of trading, On-Micro's opening price skyrocketed to 240 yuan per share. By the midday break, it had reached 227.4 yuan per share, representing a remarkable 173.78% increase and driving its total market capitalization up to 22.634 billion yuan. Since its inception in 2012, On-Micro has been unwavering in its commitment to core technology R&D. It has successfully broken the monopoly held by international manufacturers in the high-end RF chip sector. The company is mainly involved in the R&D, design, and sales of RF front-end chips and RF SoCs (System on a Chip). Its products find widespread application in mobile phones and IoT (Internet of Things) devices. Although the company has been generating revenue from 2022 through the first half of 2025, it has still reported net losses. On-Micro's main business follows a 'dual-wheel drive' model, encompassing both RF front-end chips and RF SoCs. Its products have achieved mass sales or have been adopted by numerous well-known brand customers. Prior to this, On-Micro completed 13 rounds of financing, receiving support from institutions such as Huawei Harbin and Xiaomi. The company's founder, Qian Yongxue, serves as the actual controller. Both Huawei Harbin and Xiaomi hold a 4.16% stake each in the company. The funds raised from this IPO will be primarily utilized for relevant R&D and industrialization upgrades, as well as for projects like the construction of the headquarters base.