YMTC files for $4.9 billion IPO on Shanghai STAR Market

Published Aug 25, 10:01 PM UTC

Yangtze Memory Technologies (YMTC), a Chinese NAND flash memory chip maker based in Wuhan, has filed for an initial public offering on the Shanghai Stock Exchange's STAR Market, aiming to raise $4.9 billion. The company plans to issue between 2.0 and 2.4 billion new shares, representing 10-12% of post-offering capital, with an overallotment option of up to 15%. Proceeds will fund production line upgrades and next-generation storage product development. YMTC's parent, CCSH Corporation, will list on the STAR Market. The IPO comes amid surging demand from artificial intelligence driving NAND flash chip prices higher, with YMTC's factories near full capacity. The company reported first-quarter 2026 revenue of 47.04 billion yuan ($7.0 billion), surpassing its full-year 2024 revenue, and net profit of 33.38 billion yuan, more than double its 2025 full-year profit. Counterpoint Research ranks YMTC third globally in NAND shipments by volume, though behind Kioxia and Micron by revenue. The listing follows a successful debut by rival CXMT and occurs against a backdrop of U.S. restrictions limiting YMTC's access to certain American technologies.