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Howard Liu

China is gearing up for what could become its next record-breaking semiconductor stock listing as the parent company of chip giant Yangtze Memory Technologies Corporation (YMTC) prepares to go public on Shanghai’s Star Market.
CCSH Corporation, parent of China’s top NAND flash maker, planned to sell between 1.98 billion and 2.43 billion shares, equivalent to 10 to 12 per cent of its enlarged share capital, according to a prospectus made public on Friday. An overallotment option of up to 15 per cent could also be exercised.
While the final offer price and total proceeds have yet to be set, the planned size signals a massive fundraising push.
CCSH has earmarked 33 billion yuan (US$4.9 billion) specifically for investment projects – 20.8 billion yuan to upgrade mass-production lines and 12.2 billion yuan for research and development.
That target already surpasses the 29.5 billion yuan that ChangXin Memory Technologies (CXMT), China’s leading DRAM maker, originally set aside ahead of its float in July.
CXMT ultimately raised 66.6 billion yuan, nearly double its baseline plan, in what became the largest Star Market initial public offering on record. YMTC’s final tally could similarly eclipse its baseline 33 billion yuan target depending on final market demand.
If successful, the back-to-back floats will give mainland investors direct equity exposure to China’s two leading memory champions, at a time when tight global supply and artificial intelligence demand have sent memory prices and profitability soaring.
Investor frenzy surrounding CXMT offers a gauge of the market’s appetite.
Its shares surged 466 per cent on their July 27 debut to close at 49 yuan. By August 17, the stock touched 61.80 yuan, driving its market capitalisation to 4.13 trillion yuan and briefly making it China’s most valuable listed company, surpassing Tencent Holdings just 16 trading days after listing.
YMTC approaches the market backed by equally strong earnings momentum.
CCSH reported first-quarter revenue of 47 billion yuan, close to the 63.2 billion yuan it generated in all of last year. Net profit attributable to shareholders reached nearly 33.4 billion yuan, more than doubling its total 2025 earnings of 14.2 billion yuan.
The surge has been underpinned by a persistent global NAND shortage. YMTC’s NAND revenue jumped 393 per cent year on year in the first quarter, pushing gross margin to 78.7 per cent from 36.7 per cent in 2025 as selling prices rose and unit production costs fell.
Founded in December 2016, YMTC is China’s leader in 3D NAND flash memory – the non-volatile storage used in solid-state drives, smartphones, PCs and data centres.
Unlike companies that only design chips, YMTC operates as an integrated device manufacturer, meaning it handles chip design, wafer fabrication as well as chip packaging and testing under one roof.
Washington added the company to its Entity List in December 2022, imposing stringent licensing requirements that sharply restricted its access to US technology, software and equipment.
YMTC said in its prospectus that its operations had once fallen into an “extremely difficult” situation during the most severe period of international trade restrictions.
Cut off from advanced foreign equipment, YMTC accelerated its shift towards domestic suppliers. Strong demand from China’s home market and continued upgrades across the local semiconductor supply chain allowed it to keep expanding, the company said.
YMTC overtook Japan’s Kioxia to rank third in global NAND bit shipments in the second quarter, capturing 14 per cent of the market, data from Counterpoint Research showed. It remained fifth overall by total revenue, reflecting a heavy focus on consumer memory products over high-value data-centre drives.


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IPO funds to fuel YMTC parent CCSH’s expansion, with nearly US$5 billion set aside to boost chipmaking capacity and accelerate R&D


IPO funds to fuel YMTC parent CCSH’s expansion, with nearly US$5 billion set aside to boost chipmaking capacity and accelerate R&D.


Can China’s flash memory giant YMTC smash Shanghai Star Market IPO records?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}IPO funds to fuel YMTC parent CCSH’s expansion, with nearly US$5 billion set aside to boost chipmaking capacity and accelerate R&D

IPO funds to fuel YMTC parent CCSH’s expansion, with nearly US$5 billion set aside to boost chipmaking capacity and accelerate R&D