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Yangtze Memory Technologies, a leading Chinese manufacturer of flash memory chips, has begun preparations for a public offering on the Shanghai Stock Exchange’s Star Market technology board.
The China Securities Regulatory Commission has approved YMTC’s application for pre-listing guidance, as noted in a filing on May 19. Citic Securities and CSC Financial have been appointed as the guiding institutions, with AllBright Law Offices serving as legal counsel and Deloitte Touche Tohmatsu Certified Public Accountants acting as the auditor.
The pre-IPO process will include a thorough assessment of the company’s assets, financial health, legal compliance, and core competitive strengths.
YMTC primarily manufactures three-dimensional NAND flash wafers and chips, embedded memory chips, and solid-state drives tailored for both consumer and enterprise markets. It maintains connections with several listed firms within the supply chain, such as Microgate Technology, Longsys Electronics, Jiangsu Aisen Semiconductor Material, and Wuhan P&S Information Technology.
The company does not have a single controlling shareholder; instead, its ownership is diversified, mainly led by state-owned enterprises. The largest shareholder is Hubei Changsheng Development, holding a 26.5% stake. Additionally, in 2024, the National Integrated Circuit Industry Investment Fund Phase II, along with local government-backed entities and bank-affiliated industry funds, invested in YMTC.
On May 19, YMTC’s subsidiary, Xinxin Semiconductor Manufacturing, withdrew its application to list on the Star Market after about 20 months of waiting for approval. XMC specializes in semiconductor foundry services, including the production of specialty memory, mixed-signal chips, and 3D integration.
In 2024, YMTC reported revenues of approximately 56.2 million yuan (around $8.3 million) and a net loss of 97.5 million yuan. In the first half of 2025, revenue was about 37.8 million yuan, with a net loss of approximately 251 million yuan ($36.9 million). As of June 30, its net assets totaled roughly 136.6 billion yuan ($20.1 billion).
Another company in the same sector, ChangXin Memory Technologies, is expected to undergo its IPO review hearing on the Star Market on May 27.
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