China's YMTC targets IPO as early as Q1 next year: Bloomberg

Yangtze Memory Technologies (YMTC), China's largest NAND flash memory chip maker, is targeting an initial public offering as early as the first quarter of next year, according to a new report.

Bloomberg cited multiple anonymous sources Wednesday (local time) as saying YMTC's plans to list on the STAR Market — China's NASDAQ-style technology-focused exchange — remain on track.

The report comes after Reuters cited sources last week saying YMTC had put its listing plans on hold. YMTC did not respond to Bloomberg's request for comment.

Bloomberg said a successful listing by YMTC could help ease broader concerns about Chinese authorities potentially delaying some IPOs.

The Shanghai Stock Exchange accepted YMTC's IPO application in August and moved it to the inquiry stage in September. The company plans to raise 33 billion yuan ($4.96 billion) through the offering to fund production line upgrades and research and development.

YMTC has been rapidly expanding its presence in the global NAND flash market. According to market research firm Counterpoint Research, YMTC held a 14 percent share of global NAND flash 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, followed by SK hynix — including Solidigm — at 22 percent.