Yangtze Memory Technologies Plans 33 Billion Yuan IPO

Yangtze Memory Technologies Co. plans to raise 33 billion yuan ($4.9 billion) through an initial public offering on the Star Market of the Shanghai Stock Exchange. The exchange has already accepted the company's listing application, with CITIC Securities and CSC serving as joint sponsors.

The company intends to use the capital to upgrade production lines and increase research and development. This expansion aims to meet long-term data storage demand driven by the large-scale adoption of AI. The move aligns with a broader strategy by Beijing to achieve technological self-sufficiency in the semiconductor industry and follows a similar 66.6 billion yuan share sale by rival CXMT Corp.

Financial reports indicate significant growth for the chipmaker. Net income for the first quarter of 2026 reached 33.4 billion yuan, which already surpasses the company's total 2025 net income of 14.2 billion yuan.