China's NAND No. 3 YMTC accelerates IPO push, chasing Samsung Electronics and SK Hynix

Chinese memory chip companies are pressing ahead with initial public offerings one after another. Following CXMT, NAND flash maker Yangtze Memory Technologies Corp. (YMTC) is now accelerating its own IPO push.

The Shanghai Stock Exchange accepted the Star Market IPO application of CCSH Corporation, YMTC's parent company, on Friday, according to the exchange.

YMTC plans to raise 33 billion yuan ($4.91 billion) through the offering, with proceeds earmarked for production line upgrades and research and development.

According to Reuters, the IPO would rank as the third-largest on the Star Market in history, behind only CXMT and foundry SMIC.

YMTC plans to issue between 1.98 billion and 2.43 billion new shares. After listing, the company's valuation is expected to range from 275 billion to 330 billion yuan ($48.9 billion at the upper end).

Market observers expect YMTC to complete its listing as early as the fourth quarter of this year.

The company's earnings have grown sharply on the back of the AI boom. According to YMTC's prospectus, first-quarter sales this year reached 47 billion yuan — surpassing the company's full-year 2024 sales of 45.2 billion yuan in just a single quarter.

YMTC is also rapidly expanding its market share. According to market research firm Counterpoint Research, YMTC captured 14 percent of the global NAND flash market by shipments in the second quarter of this year, overtaking Kioxia to claim third place worldwide for the first time.

Samsung Electronics led with 25 percent, while SK Hynix came in second at 22 percent including Solidigm. Kioxia and Micron ranked fourth and fifth with 14 percent and 13 percent, respectively.

CXMT, China's largest DRAM maker, has drawn significant attention in global capital markets since its listing. The company raised up to 66.61 billion yuan through its IPO last month. Its share price surged 465.82 percent on its first trading day, closing at 49.0 yuan against an offer price of 8.66 yuan, making it the largest company by market capitalization on mainland Chinese exchanges. The stock closed at 58.0 yuan on Friday.