Yangtze Memory Technologies Co (YMTC), China’s only end-to-end 3D NAND flash memory manufacturer, has filed for an IPO on Shanghai’s STAR Market to raise approximately $4.9 billion. The company targets a valuation between 200 and 300 billion yuan ($28 to $42 billion), positioning it alongside global memory giants. In Q1 2026, revenue surpassed 20 billion yuan with over 100% year-on-year growth, and by late 2025, YMTC held 13 to 14% of the global NAND flash market, ranking fourth behind Samsung, SK Hynix, and Micron. The listing is targeted for the first half of 2027 and represents a milestone in China’s semiconductor self-sufficiency push, as YMTC has faced US trade restrictions for years.
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