YMTC files for $4.9 billion IPO on Shanghai Stock Exchange

YMTC files for $4.9 billion IPO on Shanghai Stock Exchange

Mon, August 24, 2026 at 4:39 PM GMT+3 2 min read

Yangtze Memory Technologies filed for an initial public offering on the Shanghai Stock Exchange to raise $4.9 billion, in what would rank among China's largest semiconductor share sales in years, according to The Wall Street Journal.

The company, known as YMTC and based in Wuhan, China, said in its listing prospectus on Friday that it plans to issue between roughly 2.0 billion and 2.4 billion new shares, representing 10% to 12% of its post-offering share capital, with an overallotment option of up to 15%. The funds will be used to upgrade production lines and develop next-generation storage products. The company expects to list in 2027, according to the Wall Street Journal.

YMTC's parent company, CCSH Corporation, plans to list on Shanghai's STAR Market, according to the Nikkei Asia. The IPO comes as explosive demand from artificial intelligence has driven a surge in NAND flash chip prices, allowing YMTC's factories to run near full capacity.

The company's first-quarter results underscore that momentum. The company posted first-quarter revenue of 47.04 billion yuan, or $7.0 billion, a figure that surpassed what it had earned across all of 2024. Revenue from core NAND flash products rose nearly fivefold compared with the same period a year earlier, while quarterly net profit reached 33.38 billion yuan — more than twice what the company earned across all of 2025. The company said gross margin expanded to 77% in the quarter, up from 35% a year prior.

Counterpoint Research placed YMTC third in global NAND shipments, putting it ahead of Kioxia by volume, even as it continues to lag behind both Kioxia and Micron Technology when measured by revenue.

"We believe YMTC has transitioned from a 'domestic substitution play' into a 'top-3 global NAND platform,'" analysts with China Merchants Securities wrote in a note.

CXMT, a rival Chinese memory chip maker, completed a high-profile market debut last month that revealed robust demand among investors for names tied to China's push for chip self-sufficiency — a backdrop against which YMTC's listing is taking shape. YMTC remains subject to U.S. restrictions limiting its access to certain American technologies, a factor analysts said could weigh on its longer-term growth.