On July 27, 2026, CXMT (688825), a prominent domestic DRAM memory chip producer, made a triumphant debut on the STAR Market. This initial public offering (IPO) drew considerable interest, shattering numerous A-share records from the subscription phase right through to the listing day. CXMT soared to unprecedented heights in the A-share market, setting new benchmarks in five key areas: the scale of funds raised (ranking first on the STAR Market and third in the broader A-share market), the swiftness of approval (a mere 148 days), the trading volume on the first day, the market capitalization on the first day, and the online winning rate (topping the charts on the STAR Market). Moreover, its issuance valuation and strategic placement framework were exceptionally uncommon. This IPO not only signifies a major leap forward in the capitalization journey of the domestic memory chip sector but also promises to etch an indelible mark in the annals of China's capital market.