YMTC Takes a Major Step Toward its IPO

YMTC (Yangtze Memory Technologies) has formally kicked off its IPO on Shanghai’s STAR Market.Pre-IPO “tutoring” filing with sponsor CITIC Securities on May 19, 2026, that phase completed August 20, 2026, and a formal prospectus accepted by the Shanghai Stock Exchange on August 21, 2026. Actual listing is targeted for H1 2027.

Target raise of 33B yuan (~$4.9B), within a stated range of 20-40B yuan. YMTC plans to issue 1.98–2.43B A-shares, representing 10–12% of post-offering share capital, with an over-allotment option of up to 15%. The offering is jointly sponsored by CITIC Securities and CSC Financial. Proceeds are earmarked: 20.8B yuan for production-line upgrades, 12.2B yuan for R&D.

1Q26 revenue of 47B yuan (+100% YoY), Q1 net profit of 33.4B yuan (versus 14.2B yuan for all of 2025). Full-year 2025 revenue was 63.2B yuan. Per TrendForce/Counterpoint data, YMTC now ranks 3rd globally (and #1 in China) in NAND revenue/shipments, and reportedly surpassed Kioxia in 2Q26 shipment volume (~14% global NAND share) while still trailing Kioxia and Micron in revenue. Xtacking 4.0 (267-layer) NAND is now in mass production.

The listing follows rival DRAM maker CXMT’s high-profile debut last month, which raised 66.6B yuan, the second-largest listing on mainland Chinese exchanges. YMTC remains on the US commerce department’s entity list since 2022, restricting access to advanced lithography tools, a risk factor analysts flag for its long-term growth, alongside heavy capital intensity (cumulative R&D of ~16B yuan and capex of ~96B yuan) that leaves margins exposed to any drop in NAND pricing.