YMTC (Yangtze Memory Technologies), China’s only NAND flash memory chip manufacturer, is listing on the Shanghai STAR Market through its parent company CCSH with a plan to raise 33 billion yuan (approximately $4.9 billion), valuing the company between $28 billion and $42 billion, making it the third-largest IPO in the STAR Market’s history. The Wuhan-based company, founded in 2016, aims to become the world’s number one in NAND flash memory by the end of 2027, overtaking Samsung and SK Hynix, while currently ranking third globally in volume with approximately 14% of deliveries. In July 2024, CXMT, the other Chinese memory giant, saw its shares surge 466% on its listing day, becoming the most valuable company in mainland China. French retail investors cannot directly invest in YMTC as Chinese A-shares are reserved for local investors and certain institutional players, but they can gain exposure to the sector through SK Hynix, Micron, or Samsung, which are accessible via European brokers.
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