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中国闪存巨头长江存储开始筹备在上海上市 2026-05-21
Yangtze Memory Technologies, China’s leading flash memory chipmaker, has begun preparations for an initial public offering on Shanghai’s Nasdaq-like Star Market.
The China Securities Regulatory Commission has accepted YMTC’s application for the pre-listing tutoring process, according to a filing on May 19. Citic Securities and CSC Financial were selected as the tutoring institutions, AllBright Law Offices as the legal counsel, and Deloitte Touche Tohmatsu Certified Public Accountants as the auditor.
The tutoring stage will include a full review of the Wuhan-based company’s assets, financial position, compliance record, and core competitiveness.
YMTC primarily produces three-dimensional NAND flash wafers and chips, embedded memory chips, and consumer- and enterprise-grade solid-state drives. It has ties with several listed supply chain firms, such as Microgate Technology, Longsys Electronics, Jiangsu Aisen Semiconductor Material, and Wuhan P&S Information Technology.
The company has no controlling shareholder, with Chinese state-owned enterprises its main investors, the filing showed. Its largest shareholder is Hubei Changsheng Development, with a 26.5 percent stake. The National Integrated Circuit Industry Investment Fund Phase II, along with local state-owned capital and bank-affiliated industrial funds, completed capital injections and equity investments in YMTC in 2024.
On May 19, YMTC’s subsidiary Xinxin Semiconductor Manufacturing withdrew its application for a Star Market IPO after waiting about 20 months for a review. XMC focuses on semiconductor foundry services, including specialty memory, mixed-signal, and 3D integration.
YMTC had revenue of CNY56.2 million (USD8.3 million) and a net loss of CNY97.5 million in 2024, according to XMC’s listing prospectus. In the first half of 2025, the company’s operating revenue was CNY37.8 million, and its net loss was CNY251 million (USD36.9 million). As of the end of June, its net assets stood at CNY136.6 billion (USD20.1 billion).
YMTC’s peer ChangXin Memory Technologies is scheduled to undergo its review hearing for an IPO on the Star Market on May 27.
Source: Yicai Global
