The Shanghai Stock Exchange accepted an initial public offering application Friday from CCSH Corporation, the parent company of YMTC, for a listing on the STAR Market, China's Nasdaq-style board for technology companies.
CCSH plans to raise 33 billion yuan ($4.9 billion) through the offering, which would make it the third-largest IPO in the STAR Market's history after ChangXin Memory Technologies Co., or CXMT, and Semiconductor Manufacturing International Corp., or SMIC.
The company plans to issue between 1.98 billion and 2.43 billion new shares, implying a post-listing valuation of roughly 275 billion yuan to 330 billion yuan. YMTC is CCSH's main operating business and accounts for more than 90 percent of the group's revenue.
The IPO comes as an artificial intelligence-driven memory boom transforms YMTC's financial performance. Revenue reached 47 billion yuan in the first quarter of this year, nearly five times the level a year earlier, while net profit attributable to shareholders surged to 33.38 billion yuan. That was more than double the company's full-year profit of 14.21 billion yuan in 2025.
Demand from AI data centers has become an increasingly important growth engine for the NAND industry, as cloud companies require greater amounts of high-capacity storage for training data, inference, backups and other workloads.
Samsung Electronics remained No. 1 with a 25 percent shipment share, followed by SK hynix, including Solidigm, at 22 percent. Kioxia also held about 14 percent and Micron Technology 13 percent. YMTC, however, remained fifth by revenue, reflecting its heavier exposure to lower-priced consumer products compared with rivals with stronger positions in higher-value enterprise SSDs.
The two companies, sometimes described in China as the country's "twin stars" of memory chips, have benefited from years of state support as Beijing seeks to reduce its reliance on foreign semiconductor technology. CXMT focuses on DRAM, while YMTC produces NAND flash used in smartphones, solid-state drives and data centers.
YMTC's expansion has continued despite U.S. technology restrictions. Washington added the company to the Commerce Department's Entity List in 2022, restricting its access to U.S.-origin semiconductor equipment and technology, while the Pentagon has also designated it as a Chinese military company.
Copyright ⓒ Aju Press All rights reserved.