Yangtze Memory Technologies Holding Co., Ltd. has entered the inquiry stage of its planned STAR Market listing.
On Sept. 3, the Shanghai Stock Exchange website showed that the IPO review status of YMTC Holding changed from "accepted" to "under inquiry." The company’s application was accepted on Aug. 21, meaning it moved into the next review phase in 13 days.
33 billion yuan fundraising plan sets a new STAR Market high
YMTC Holding plans to raise 33 billion yuan, the largest proposed fundraising amount in the history of the STAR Market. That is higher than the 29.5 billion yuan sought by ChangXin Memory Technologies and the 20 billion yuan raised by Semiconductor Manufacturing International Corp. CITIC Securities and CSC Financial are the joint sponsors.
The company was founded in 2016 and is headquartered in Wuhan, Hubei. It is the only IDM company in China to have achieved mass production of 3D NAND flash memory chips.
Global NAND bit shipment share reaches 14%
Counterpoint Research data showed that in the second quarter of 2026, YMTC Holding accounted for 14% of global NAND bit shipments. It overtook Kioxia and Micron for the first time, ranking third globally behind Samsung Electronics at 25% and SK hynix at 22%. Shipment volume rose 22% from a year earlier.
According to the report, Yangtze Memory is expanding production capacity on a large scale and is targeting the top spot in global NAND market share by the end of 2027, ahead of Samsung and SK hynix.
Its shipment ranking has not fully translated into revenue ranking. By revenue, the company is currently fifth worldwide, mainly because its sales are still concentrated in consumer NAND, where average selling prices are lower than in enterprise solid-state drives.
Capacity buildout and technology upgrades continue
YMTC Holding has built the largest 3D NAND Flash wafer production base in mainland China. Its products are used in enterprise servers, data centers and consumer electronics.
On the technology side, the company launched Xtacking®3.0 in 2022, becoming one of the first companies in the world to release 3D NAND Flash products with more than 200 layers. In 2024, it upgraded that platform to Xtacking®4.0 and received an FMS industry award. In 2025, it became one of the few integrated circuit companies in mainland China to reach patent cross-licensing agreements with leading international manufacturers.
The prospectus shows that the company’s phase-two production line is already fully loaded and that work on a phase-three capacity project is underway. Of the 33 billion yuan to be raised, 20.8 billion yuan will go to a mass-production line technology upgrade project, while 12.2 billion yuan will be allocated to R&D-related investment projects. The company said the fundraising projects will strengthen its capability to produce high-performance products based on newer process generations.
Financial performance swings from loss to sharp profit growth
In 2023, during an industry downturn, YMTC Holding posted 18.744 billion yuan in main business revenue and a net loss attributable to shareholders of 19.181 billion yuan. Gross margin for NAND Flash products was about 1%. The company did not cut capacity during that period and instead kept expanding.
In 2024, as the market recovered, main business revenue rose to 45.203 billion yuan and net profit reached 6.771 billion yuan, bringing the company back into the black. In 2025, revenue climbed to 63.185 billion yuan and net profit reached 14.230 billion yuan.
Growth accelerated in 2026. First-quarter main business revenue came in at 47.042 billion yuan, close to three-quarters of the full-year 2025 total. Net profit attributable to shareholders was 33.379 billion yuan, or 2.35 times the company’s full-year 2025 net profit.
For the first quarter of 2026, gross margin on NAND Flash products was 78.73%. Gross margin for memory chips was 84.23%, smart terminals 73.26%, and solid-state drives 70.29%. Overall gross margin rose from 5.45% in 2023 to 32.49% in 2024 and 35.30% in 2025, then jumped to 76.77% in the first quarter of 2026. Compared with ChangXin Memory Technologies’ 24.76 billion yuan net profit in the same period, YMTC Holding moved ahead in profit scale.
Price gains and AI-related storage demand support earnings
The report said two factors were behind the earnings surge. Samsung and SK hynix shifted advanced capacity toward AI-focused HBM, tightening consumer NAND supply and pushing prices higher. At the same time, large volumes of KV cache data generated in AI inference moved from HBM into tiered storage on solid-state drives, lifting NAND Flash demand.
TrendForce data showed NAND Flash contract prices jumped 55% to 60% in the first quarter and rose another roughly 60% in the second quarter. In the third quarter of 2026, contract prices were still up 10% to 15% quarter on quarter, though the pace of increase had narrowed.
Ownership structure and R&D spending
YMTC Holding has no controlling shareholder and no actual controller. Shareholders with stakes above 10% are Hubei Changsheng with 26.54%, Xinfei Technology with 25.35%, the first phase of the National Integrated Circuit Industry Investment Fund with 11.97%, and the second phase of the fund with 11.38%. Optics Valley Industry Investment holds 9.25%, and Guoxin Fund holds 5.90%. Through look-through ownership, the major backers include the State-owned Assets Supervision and Administration Commission of Hubei Province, the Wuhan municipal SASAC, the East Lake High-tech Development Zone Administrative Committee, and the national fund.
From 2023 through the first quarter of 2026, the company’s cumulative R&D spending approached 16 billion yuan. As of the end of March 2026, the company and its controlled subsidiaries held 6,088 authorized patents, including 5,611 invention patents. It had 4,796 R&D staff.
More review steps still lie ahead
After entering the inquiry stage on Sept. 3, YMTC Holding still needs to go through inquiry responses, review by the STAR Market listing committee, and registration approval from the China Securities Regulatory Commission.
The original article was published by the WeChat account Dujiaoshouzaozhidao and credited to iponews Studio.