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 semiconductor industry is set for another record-breaking stock listing as Yangtze Memory Technologies Corporation (YMTC), the parent company of chip giant, prepares to go public on Shanghai's Star Market. The company plans to sell between 1.98 billion and 2.43 billion shares, making up 10 to 12 percent of its enlarged share capital, according to a prospectus released on Friday.
The offering could be increased by up to 15 percent through an overallotment option. With a target of 33 billion yuan ($4.9 billion) specifically earmarked for investment projects and 12.2 billion yuan for research and development, the fundraising effort surpasses China's leading DRAM maker, ChangXin Memory Technologies' (CXMT) initial offering of 66.6 billion yuan in July.
If successful, YMTC's offering could also exceed its baseline target, dependent on final market demand. The back-to-back listings would provide mainland investors with direct equity exposure to China's top memory producers. This comes at a time when global memory supply is tight and artificial intelligence demand is driving prices and profitability to new heights.
CXMT's stellar debut in July, with its shares surging 466 percent, serves as a benchmark for the market's appetite. If successful, YMTC's listing could propel its shares to similar levels, boosting the market capitalization of China's listed companies. YMTC is approaching the market with strong earnings momentum, having reported first-quarter revenue of 47 billion yuan, nearly matching its 63.2 billion yuan revenue from last year.
Net profit attributable to shareholders reached nearly 33.4 billion yuan, more than doubling its 2025 earnings of 14.2 billion yuan. This surge is fueled by a persistent global NAND shortage, with YMTC's NAND revenue jumping 393 percent year on year, pushing its gross margin to 78.7 percent, up from 36.7 percent in 2025. The company has also overtaken Japan's Kioxia to become the third-largest NAND bit shipper globally, capturing 14 percent of the market.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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