China’s leading NAND flash memory producer YMTC has began its IPO counseling process. Supported by the National Integrated Circuit Fund and local state-owned investors, who together hold over 92% of the company, YMTC has rapidly expanded production and strengthened its market presence. Analysts project that YMTC’s valuation could reach a market scale of 2–3 trillion yuan.
On May 19, the China Securities Regulatory Commission (CSRC) confirmed that Yangtze Memory Technologies Co., Ltd. (YMTC) had its IPO counseling filing accepted by the Hubei Securities Regulatory Bureau, officially launching the company’s path to listing. Market expectations for YMTC’s valuation are nearing those of fellow domestic memory leader ChangXin Memory Technologies.
The IPO counseling filing shows that CITIC Securities and CSC Financial are serving as YMTC’s counseling institutions. Founded on December 21, 2016, YMTC has a registered capital of 17.82 billion yuan and does not have a controlling shareholder. Its largest shareholder is Hubei Changsheng Development Co., Ltd., which holds 26.54% of the company’s shares. YMTC operates in the computer, communications, and other electronic equipment manufacturing sector.
According to corporate registration platform Qichacha, YMTC’s core shareholders include the National Integrated Circuit Industry Investment Fund (the “Big Fund”) and Hubei and Wuhan local state-owned assets, collectively holding more than 92% of the shares.
Among them, Hubei Changsheng Development Co., Ltd. holds 26.54%; Wuhan Xinfly Technology Investment Co., Ltd. holds 25.35%; the first and second phases of the National Integrated Circuit Industry Investment Fund hold a combined 23%. In addition, Wuhan Optics Valley Industrial Investment Co., Ltd. holds 9.26%, Hubei Guoxin Industrial Investment Fund holds 5.90%, and Yangtze Industrial Investment Group holds 2.53%. Financial asset investment companies under the Bank of China, China Construction Bank, Bank of Communications, Agricultural Bank of China, and Industrial and Commercial Bank of China hold approximately 3%, and the CCTV Integrated Media Industrial Investment Fund holds 0.15%.
YMTC completed its angel round of financing in December 2019, with participation from the first phase of the Big Fund and Wuhan Financial Holdings. In March 2023, the company closed its Series A financing, attracting investment from the second phase of the Big Fund, Yangtze Industrial Investment, and Hubei Changsheng. In April 2025, multiple private equity firms and investment companies affiliated with China’s five major banks joined as investors.
A public fund manager noted that YMTC has completed its filing registration, though an official listing is still some time away, and its valuation is expected to be comparable to ChangXin Memory, potentially reaching 2–3 trillion yuan.
Memory chips in consumer electronics mainly consist of DRAM and flash memory (NAND). DRAM serves as temporary cache for computing chips such as CPUs and GPUs, directly impacting processing efficiency, while NAND forms the basis of solid-state drives, providing system storage. Globally, the memory market has long been dominated by Samsung, SK Hynix, and Micron, whose combined market share exceeded 90% for DRAM and 60% for NAND in 2025. Domestically, ChangXin Memory and YMTC have made significant breakthroughs in DRAM and NAND, respectively.
In December 2022, YMTC was placed on the US Department of Commerce’s “Entity List,” subjecting it to strict export controls and limiting access to key equipment and materials. Since then, the company has pursued domestic substitution and steadily expanded its market share, with its NAND products now approaching international advanced standards. Fueled by domestic replacement policies and AI-driven demand, YMTC and ChangXin Memory are capitalizing on growth opportunities. TrendForce projects YMTC’s NAND Flash market share to reach roughly 12% in 2025, while ChangXin’s DRAM share is expected to be about 4.5%.
An insurance asset management analyst observed that YMTC’s current IPO progress is in line with market expectations. By comparison, ChangXin Memory began its IPO counseling in 2025, though its review process was temporarily paused.
According to the Shanghai Stock Exchange, the IPO counseling period begins after filing and continues until the counseling institutions submit complete acceptance materials, lasting at least three months. Once accepted, the sponsoring institution submits the IPO application to the exchange, which has five working days to decide. Under the full registration system, the combined review and registration period by the exchange and CSRC cannot exceed three months. In practice, most companies take 13–15 months from counseling to listing.
Currently, overseas leaders’ valuations are relatively rational, while A-share listed companies in the memory industry generally enjoy higher valuation premiums. In the A-share market, the projected P/E ratios for GigaDevice Semiconductor (603986.SH) and Ingenic Semiconductor (300223.SZ) in 2026 are 65.11x and 73.26x, respectively; Dosilicon (688110.SH), due to a low earnings base, has a projected P/E as high as 278x. The market generally believes that once ChangXin Memory is listed, it could easily break the record for the highest market capitalization in A-shares.
Market opinions are divided on the simultaneous entry of the two leading memory companies into the A-share market. Optimists argue that listing high-quality, technology-driven assets will strengthen the capital market, reinforce the industrial foundation, and provide long-term support for a potential bull market. Cautious analysts, however, warn that with funds currently concentrated in AI-related sectors and overall liquidity tight, large-scale IPOs could divert capital and strain market liquidity.