Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
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Yangtze Memory Technologies Corp. Ltd. (YMTC), China’s top developer of advanced flash memory chips, has cleared a major hurdle in its long-anticipated push toward a public listing, as its parent company completed a transformation into a joint-stock entity.
On Sept. 25, Yangtze Memory Technologies Holding Co. Ltd. (YMTC Holding) held a meeting to formalize the restructuring and elect its inaugural board of directors, with veteran semiconductor executive Chen Nanxiang named chairman, according to a source close to the company. The revamp is a critical move aimed at strengthening corporate governance in preparation for an IPO of YMTC.
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- YMTC restructured into a joint-stock entity, electing a new board and preparing for an IPO amid U.S. export restrictions.
- The company’s valuation reached 161.6 billion yuan ($22.7 billion) after funding from 16 institutional investors, but it cut registered capital by 84% in September 2023.
- Despite financial pressures and U.S. sanctions, YMTC remains a key player in 3D NAND flash chips, with net assets at 134.7 billion yuan but a net loss in 2023.
- Yangtze Memory Technologies Corp. Ltd.
- Yangtze Memory Technologies Corp. Ltd. (YMTC) is China's leading developer of advanced flash memory chips. It aims for a public listing after its parent company, Yangtze Memory Technologies Holding Co. Ltd., restructured into a joint-stock entity. YMTC mass-produces 232-layer 3D NAND flash memory chips but faces challenges due to U.S. export restrictions.
- Yangtze Memory Technologies Holding Co. Ltd.
- Yangtze Memory Technologies Holding Co. Ltd. (YMTC Holding) is the parent company of Yangtze Memory Technologies Corp. Ltd. (YMTC) and Wuhan Xinxin Semiconductor Manufacturing Co. Ltd. (XMC). It recently restructured into a joint-stock entity, preparing YMTC for an IPO. YMTC Holding is facing financial pressure, with a net loss in the first nine months of 2023.
- Wuhan Xinxin Semiconductor Manufacturing Co. Ltd.
- Wuhan Xinxin Semiconductor Manufacturing Co. Ltd. (XMC) is a 12-inch wafer foundry and a key unit of Yangtze Memory Technologies Holding Co. Ltd. (YMTC Holding). XMC is currently seeking to raise 4.8 billion yuan through an IPO on Shanghai's STAR Market to fund its expansion and research efforts.
- In 2016：
- YMTC was founded.
- In 2022：
- YMTC became one of the few companies in the world to mass-produce 232-layer 3D NAND flash memory chips.
- October 2022：
- Washington rolled out new export controls targeting advanced memory chip production.
- December 2022：
- YMTC was added to the U.S. Commerce Department’s Entity List.
- The whole of 2022：
- YMTC reported a net profit of 531 million yuan.
- The first nine months of 2023：
- YMTC swung to a net loss of 84.2 million yuan.
- April 2025：
- YMTC Holding secured funding from 16 institutional investors, bringing its estimated valuation to 161.6 billion yuan.
- June 2025：
- YMTC Holding raised its registered capital.
- September 2025：
- YMTC Holding slashed its registered capital by 84% to 17.8 billion yuan.
- Sept. 25, 2025：
- YMTC Holding held a meeting to formalize corporate restructuring and elect its inaugural board of directors.
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