Can China’s flash memory giant YMTC smash Shanghai Star Market IPO records?
China is gearing up for what could become its next record-breaking semiconductor stock listing as the parent company of chip giant Yangtze Memory Technologies Corporation (YMTC) prepares to go public on Shanghai’s Star Market. CCSH Corporation, parent of China’s top NAND flash maker, planned to sell between 1.98 billion and 2.43 billion shares, equivalent to 10 to 12 per cent of its enlarged…
China's leading NAND flash memory company, Yangtze Memory Technologies Corporation (YMTC), is set to launch its initial public offering (IPO) on Shanghai's Star Market. The parent company of YMTC, CCSH Corporation, plans to sell shares equivalent to 10 to 12 percent of its enlarged share capital through a prospectus published on Friday.
The total offering could reach up to 2.43 billion shares, with an optional 15 percent overallotment. The IPO is expected to raise 33 billion yuan (US$4.9 billion), earmarked for upgrading mass-production lines and research and development. This fundraising effort surpasses the record-breaking 66.6 billion yuan raised by China's leading DRAM maker, ChangXin Memory Technologies ahead of its Star Market listing in July.
If successful, the dual listings of YMTC and its competitor will provide mainland investors with equity exposure to China's top two memory champions amidst global supply constraints and high demand driven by artificial intelligence. YMTC's strong performance in the first quarter, driven by a NAND revenue surge of 393 percent year-over-year, has bolstered investor confidence in the company's prospects.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
