On Friday, Yangtze Memory Technologies Co., Ltd. (referred to as "YMTC Holding") received approval for its initial public offering on the STAR Market of the Shanghai Stock Exchange.

According to the prospectus, YMTC Holding plans to raise 33 billion yuan, with 20.8 billion yuan earmarked for technology upgrade projects at its Yangtze Memory production lines and 12.2 billion yuan designated for research and development-related investment projects.

The fundraising amount outlined in YMTC Holding's prospectus surpasses the 29.5 billion yuan planned by ChangXin Memory Technologies and the 20 billion yuan raised by SMIC, making it the largest proposed fundraising project in the history of the STAR Market.

YMTC Holding is a leading memory IDM enterprise representing China's ambition to compete at the world-class level, producing NAND Flash products with globally leading layer counts, high storage density, and high I/O speeds, which are widely used in enterprise servers, data centers, consumer electronics, and other sectors.

Leveraging China's vast application market and its international footprint, YMTC Holding has experienced rapid shipment growth during the reporting period leading up to its listing.

In 2022, YMTC Holding launched its Xtacking® 3.0 technology, becoming one of the first companies globally to introduce 3D NAND Flash products with over 200 layers, marking the first time domestic storage technology has reached a leading position globally. In 2024, the company iterated to Xtacking® 4.0 technology, which received prestigious awards from FMS and reshaped the global 3D NAND technology development roadmap. By 2025, it became one of the few integrated circuit companies in mainland China to secure patent cross-licensing agreements with leading international players.

As of the end of March 2026, YMTC Holding had established the largest 3D NAND Flash wafer production base in mainland China.

During the reporting period, YMTC Holding's operational performance improved significantly. From 2023 through the first quarter of 2026, the company's main business revenue stood at 18.747 billion yuan, 45.203 billion yuan, 63.185 billion yuan, and 47.042 billion yuan, respectively, showing a rapid overall growth trend. Among this, revenue from NAND Flash product sales was 14.102 billion yuan, 39.88 billion yuan, 56.66 billion yuan, and 45.238 billion yuan, respectively, serving as the primary driver of revenue growth.

In terms of net profit attributable to parent shareholders, profitability improved rapidly after turning around losses in 2024. YMTC Holding achieved a net profit of 6.771 billion yuan in 2024, with net profit attributable to parent shareholders exceeding 14.211 billion yuan in 2025, and reaching 33.379 billion yuan in the first quarter of 2026 alone.

As of March 31, 2026, the company's accumulated losses had narrowed significantly to approximately 3.4 billion yuan.

According to calculations based on TrendForce data, from January to March 2026, YMTC Holding ranked third globally and first in China among NAND Flash manufacturers in terms of both sales revenue and shipment volume.

The prospectus indicates that YMTC Holding's second-phase production lines are already running at full capacity, with production and sales volumes continuously improving over the past two years, and the company is now advancing the construction of its third-phase capacity.

YMTC Holding stated that on the application front, as NAND Flash technology evolves, enterprise-grade SSD capacity is increasing while unit costs decline, gradually breaking the monopoly that Near-Line HDDs have held in the "large capacity plus low cost" segment. The trend of SSDs taking over warm data storage tasks such as AI training logs and model backups is accelerating.

Driven by this, global enterprise-grade NAND Flash market demand is experiencing explosive growth. According to TrendForce forecasts, the global enterprise-grade NAND Flash demand will exceed 1.325 million PB by 2030, with a compound annual growth rate of 36.1% from 2025 to 2030, making it the fastest-growing application segment in the semiconductor memory market.

Through the implementation of its fundraising projects, YMTC Holding said it will further enhance its production line generations, product performance, and R&D and technology levels in the semiconductor memory field. This will help improve its capabilities in producing high-performance products with new process nodes, maintain an internationally first-class standard, boost its global competitiveness and market share, and provide strong support for the company's long-term sustainable development.

In terms of shareholding structure, YMTC Holding has no actual controller or controlling shareholder. According to the prospectus, as of the signing date, shareholders holding more than 10% of YMTC Holding's shares include: Hubei Changsheng holding 26.54%, Xinfei Technology holding 25.35%, Big Fund Phase I holding 11.97%, and Big Fund Phase II holding 11.38%.

Additionally, Guanggu Industry Investment holds 9.25%, Guoxin Fund holds 5.90%, and Yangtze River Industry Group holds 2.53%. The shareholder list also includes bank funds such as ABC Investment, CCB Investment, BOCOM Investment, and ICBC Fund.