Yangtze Memory Technologies Co. (YMTC), a leading Chinese 3D NAND flash memory maker, started a pre-listing tutoring process for an initial public offering (IPO) on May 19, 2026. The company is working with local brokers Citic Securities and CSC Financial and filed the step with the China Securities Regulatory Commission on the same day [1, 2].
Meanwhile, ChangXin Memory Technologies (CXMT), a Chinese dynamic random-access memory (DRAM) manufacturer, is also advancing toward an IPO. The move follows CXMT's strong financial performance, driven by soaring DRAM profits and AI-related chip shortages that have pushed market demand higher [3, 2].
In the first quarter of 2026, CXMT reported revenue of 50.8 billion yuan (approximately US$7.4 billion), a 719% increase year-on-year. The company turned a net profit of 33 billion yuan in this period, recovering from a 2.83 billion yuan loss recorded in the same quarter last year [3].
CXMT’s shareholder base includes a mix of state-owned and private investors. Key shareholders are Hefei Qinghui Jidian Enterprise Management Partnership (holding 21.67%), Hefei Changxin Integrated Circuit (wholly owned by Hefei’s industrial investment arm), China’s Big Fund Phase II, Hefei Jixin Enterprise Management Partnership, and Anhui Investment Group [3].
Both IPOs demonstrate China's strategic effort to boost semiconductor self-reliance while attracting investment through capital markets. YMTC and CXMT’s public listings could help fund expansion amid global chip shortages and intensifying U.S.-China technology competition [2].
The next milestone is the review and approval process by the China Securities Regulatory Commission, which will determine the timing of the IPOs.
