Following CXMT, YMTC Also Accelerates IPO Plans... to Raise 6.8 Trillion Won

[Financial News] The IPO fever in China's memory market is continuing. Changjiang Chunqiu, one of the two leading NAND flash makers challenging Samsung Electronics and SK hynix, has advanced its IPO process and is seeking to raise large-scale funds. As the Shanghai Stock Exchange is reported to have accepted the listing application of Changjiang Chunqiu Holdings, YMTC's parent company, for its science and technology board, a listing as early as the fourth quarter of this year is also being discussed.
According to the Shanghai Stock Exchange website on the 22nd local time, the listing application of Changjiang Chunqiu Holdings (CCSH Corporation), YMTC's parent company, was received and accepted by the exchange the previous day. Because this market is operated mainly for technology companies in China, a memory maker's growth story and technological progress are expected to be important factors in the listing review.
YMTC plans to raise 33 billion yuan through this IPO. The proceeds are expected to go toward upgrading production lines and research and development, with a focus on improving yields and strengthening its product portfolio. The new shares to be issued are expected to total between 1.98 billion and 2.43 billion, and the post-listing valuation has been set at between 275 billion yuan and 330 billion yuan.
According to YMTC's prospectus, first-quarter revenue this year came to 47 billion yuan. That already exceeds full-year 2024 revenue of 45.2 billion yuan. The figures suggest stronger sales momentum for NAND suppliers as demand for servers and storage devices rises with the spread of AI data centers.
Market watchers say this revenue trend is also linked to the pace of the IPO push. Taiwan's Economic Daily reported that YMTC could go public as early as the fourth quarter of this year. However, IPO schedules in China's stock market can change depending on exchange reviews, disclosure revisions, and market conditions, so the outcome remains uncertain.
The global memory industry has long been dominated by an oligopoly centered on Samsung Electronics and SK hynix. But in terms of shipment volume, Chinese companies are becoming more visible.
According to Counterpoint Research, YMTC captured 14% of the global NAND flash market in the second quarter of this year, measured by shipments, overtaking KIOXIA Corporation to take third place. Samsung Electronics ranked first with 25%, while SK hynix, including Solidigm, came in second with 22%. KIOXIA Corporation and Micron Technology, Inc. followed with 14% and 13%, respectively. YMTC's expanding share suggests that production capacity, product competitiveness, and customer adoption are all improving at the same time.
In China, IPOs by memory and advanced technology companies have been coming one after another amid the recent AI boom. ChangXin Memory Technologies (CXMT), which is challenging Samsung Electronics and SK hynix in the DRAM segment, has already raised massive funds through an IPO.
Earlier, CXMT raised up to 66.61 billion yuan through its IPO last month. On its first trading day, the stock closed at 49.0 yuan, up 465.82% from the offering price of 8.66 yuan, drawing strong market attention as it briefly became the most valuable company on the mainland stock market by market capitalization. As of the previous day's close, the stock was reported at 58.0 yuan.
YMTC's IPO push is being read as a sign that this momentum is extending into the NAND segment. In other words, because the memory industry requires both advanced manufacturing processes and heavy R&D investment, securing fundraising capacity in the market is becoming a key factor in defending competitiveness.

[email protected] Kang Gu-gui Reporter