On July 27, 2026, Cxmt Corporation (stock code: 688825.SH) officially began trading on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange.
Before the exercise of the over-allotment option, the total funds raised from this issuance were approximately 57.919 billion yuan. If the over-allotment option is fully exercised, the estimated total funds raised could reach 66.607 billion yuan. This issuance by Cxmt Corporation has set multiple records, including the largest fundraising scale since the STAR Market's inception and the largest A-share IPO fundraising in nearly a decade. Huatai United Securities served as a joint lead underwriter for this issuance.
Cxmt Corporation is the largest and most technologically advanced DRAM company in China, with the most comprehensive layout, integrating research, development, manufacturing, and design. It has achieved a breakthrough for the Chinese mainland's DRAM industry, moving from zero to one. Since its founding, the company has consistently pursued an independent research and development path. By accelerating technological innovation through skip-generation development, it has rapidly completed mass production from its first-generation process technology platform to its fourth-generation platform. This has also enabled a product portfolio evolution from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X, with its core products and process technology now reaching internationally advanced levels. Based on shipment volume and sales revenue, Cxmt Corporation has become the top DRAM manufacturer in China and the fourth largest globally.
The A-share listing of Cxmt Corporation represents a practical application of capital markets serving the national strategy of technological self-reliance and self-strengthening. It is a significant step forward for the independent development and long-term growth of China's DRAM industry. Furthermore, this event once again highlights the deep expertise of Huatai United Securities in identifying high-quality, innovative technology companies and its leading capabilities in servicing large-scale technology IPOs. As the joint lead underwriter for the Cxmt Corporation listing, Huatai United Securities fully leveraged its profound industry research background in new-generation information technology and artificial intelligence, along with its extensive capital market experience. The firm deeply explored the core value of Cxmt Corporation, provided efficient capital market services throughout the entire process, and successfully assisted the company in listing on the STAR Market, thereby solidifying its capital foundation for future development.
As a participant in the financial market and a companion to technology innovation companies, Huatai United Securities continues to apply its professional expertise to support the rapid growth of new productive forces. Over the years, it has served more than 300 technology innovation enterprises, with a combined total market value of approximately 13 trillion yuan, helping to bring high-quality, hard-tech companies like Cxmt Corporation, Mùxī Gǔfèn, and Everlight Technology to the STAR Market. Looking ahead, Huatai United Securities will continue to deepen its presence in strategic emerging industries and future industries. It will coordinate and mobilize resources across its entire business chain, including research, private equity investments, and asset management, to accelerate the formation of innovative capital and contribute financial strength to the building of a technology powerhouse.