TECH

YMTC Moves Closer to Shanghai IPO

Published: Aug. 20, 2026 4:04 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Photo: VCG

Chinese memory-chip manufacturer Yangtze Memory Technologies Co. Ltd. (YMTC) has completed its pre-IPO tutoring work, clearing a crucial hurdle to listing on Shanghai’s STAR Market.

The advancement of the state-backed chipmaking champion comes as a global AI-driven memory-chip shortage and recent record-breaking market debuts by domestic technology peers have pushed up expectations for its valuation, which could potentially reach at least 1 trillion yuan ($148 billion).

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and Bloomberg - for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

YMTC completed pre-IPO tutoring for STAR Market listing; valuation could reach 1 trillion yuan.
In Q2 2026, YMTC ranked third in global NAND market share (14%) but fifth in revenue due to consumer focus.
Construction of third NAND line began in September 2025, targeting 100,000 wafers monthly output.

AI generated, for reference only

Who’s Who

AI generated, for reference only

What Happened When

2016：: YMTC was founded.

December 2019：: YMTC completed its angel funding round, drawing investments from the China Integrated Circuit Industry Investment Fund and Wuhan Financial Holdings Group Co. Ltd.

March 2023：: YMTC finished its Series A funding round, joined by investors including the Big Fund, Yangtze River Industry Investment, and Hubei Changsheng.

Q3 2025：: Since the third quarter of 2025, massive AI data-center investments in North America have caused an unprecedented memory chip shortage.

September 2025：: Construction on the third phase of YMTC's NAND production lines began, designed to make 100,000 wafers a month.

April 2025：: YMTC brought in additional investments from several private equity institutions and investment firms affiliated with China's top five state-owned banks.

Q2 2026：: Samsung led the global NAND market with 25% share, followed by SK Hynix with 22%. YMTC ranked third for the first time with 14% share, slightly ahead of Kioxia, while Micron ranked fifth. YMTC ranked fifth in revenue generation in that quarter.

July 27, 2026：: CXMT Corp. debuted on the Shanghai Stock Exchange's STAR Market, raising a record 29.5 billion yuan, with its trading volume exceeding 100 billion yuan and share price surging fivefold to close at 49 yuan, making it the most valuable A-share company with a market capitalization of 3.31 trillion yuan at the time.

August 20, 2026：: Information published on the China Securities Regulatory Commission's website showed that Citic Securities and China Securities acted as YMTC's tutoring brokerages.

2026：: YMTC completed its pre-IPO tutoring work, clearing a hurdle to listing on Shanghai's STAR Market. By 2026, CXMT and YMTC have made breakthroughs in DRAM and NAND, respectively. YMTC has planned a total investment of $24 billion for three NAND production lines with a combined capacity of about 300,000 wafers a month by 2026. The first and second phases are operating at full capacity, with a total output of 160,000 wafers a month.

AI generated, for reference only