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Yangtze Memory Moves Toward Listing With Trillion-Yuan Valuation in Sight

Published: May. 20, 2026 12:03 a.m. GMT+8

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Attendees of the 19th China Electronic Information Annual Conference visit the Yangtze Memory Technologies exhibition area in Wuhan, Hubei province, on April 19, 2026. Photo: VCG

Yangtze Memory Technologies Co. Ltd. has formally launched its initial public offering process after China’s securities regulator accepted the company’s pre-listing tutoring application Tuesday.

The domestic listing of China’s leading NAND flash memory maker is expected to command a massive valuation, with market estimates placing the company’s worth at between 2 trillion yuan ($277 billion) and 3 trillion yuan.

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Yangtze Memory launched its IPO process; estimated valuation between 2-3 trillion yuan ($277-415 billion).
Despite U.S. Entity List restrictions, Q1 2026 revenue doubled to over 20 billion yuan; global NAND market share exceeded 10%.
China’s two memory-chip champions plan mega-IPOs, sparking investor debate over market liquidity impact.

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Who’s Who

Yangtze Memory Technologies Co. Ltd.: Yangtze Memory Technologies Co. Ltd., founded in 2016 and based in Wuhan, is China's leading NAND flash memory maker. It formally launched its IPO process in 2026, with a valuation between 2-3 trillion yuan. State-owned entities control over 92% of its equity. Despite U.S. export restrictions since 2022, its Q1 2026 revenue doubled to over 20 billion yuan, boosting its global market share above 10%.

Samsung Electronics Co.: Samsung Electronics Co. is a dominant player in the global memory-chip market, alongside SK Hynix and Micron Technology. The article notes it remains a key competitor to China's Yangtze Memory Technologies in the NAND flash sector.

SK Hynix Inc.: SK Hynix Inc. is a South Korean company that, along with Samsung Electronics and Micron Technology, dominates the global memory-chip market. It is a major competitor to China's Yangtze Memory Technologies and ChangXin Memory Technologies in the NAND flash and DRAM sectors.

Micron Technology Inc.: Micron Technology Inc. is one of the global memory-chip market leaders, alongside Samsung and SK Hynix. The U.S.-based company dominates the NAND flash and DRAM markets, facing competition from Chinese state-backed firms like Yangtze Memory and ChangXin Memory Technologies.

ChangXin Memory Technologies Inc.: ChangXin Memory Technologies Inc. is a Chinese DRAM maker. It began its IPO process in 2025, aiming to raise 29.5 billion yuan on Shanghai’s STAR Market. Alongside Yangtze Memory, it is part of China's efforts to challenge global memory-chip dominance by Samsung, SK Hynix, and Micron.

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What Happened When

2016：: Yangtze Memory Technologies Co. Ltd. was founded in Wuhan.

December 2022：: The U.S. Commerce Department added Yangtze Memory to its Entity List, restricting access to American chipmaking equipment.

2025：: ChangXin Memory Technologies Inc. began its own IPO process.

First quarter of 2026：: Yangtze Memory's first-quarter revenue reportedly doubled year-over-year to over 20 billion yuan, lifting its global NAND flash market share above 10%.

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