China’s leading NAND flash maker is one step closer to a public listing. The Shanghai Stock Exchange accepted Yangtze Memory Technologies’ application to float on the tech-focused STAR Market this week, according to a bourse filing and the company prospectus.
YMTC, the Wuhan-based parent behind the YMTC brand, plans to raise about $4.9B in the offering. Proceeds will upgrade production lines and boost research and development, the prospectus says. The company framed the listing as a way to expand advanced capacity at a moment when AI is driving massive, long-term demand for data storage.
The numbers behind the filing show how the memory boom has transformed the company. YMTC turned profitable in 2024, and net income reached RMB 33.4B in the first quarter of 2026, more than double the RMB 14.2B it earned in all of 2025. By late last year it held an estimated 13-14 percent of the global NAND market, ranking third behind Samsung, SK hynix and Micron.
Citic Securities and CSC Financial are joint sponsors. The float follows CXMT’s RMB 66.6B debut last month, the second-biggest mainland listing ever, and fits Beijing’s push for semiconductor self-sufficiency. YMTC has been on US trade restriction lists since 2022, forcing it to lean on domestic equipment makers.
If the listing clears, it would rank among the largest chip IPOs in China’s history and hand the company a war chest for the next round of the NAND capacity race.
