YMTC files Shanghai IPO to raise about $4.9 billion

Yangtze Memory Technologies (YMTC), China's leading NAND flash-chip maker, filed for a Shanghai initial public offering targeting roughly $4.9 billion to upgrade production lines and develop next-generation storage products.

The Details: • Offering structure: YMTC plans to issue about 2.0 billion to 2.4 billion new shares, equal to 10%—12% of post-offering capital, plus an overallotment option of up to 15%. • Financial growth: The company reported first-quarter revenue of 47.04 billion yuan ($7.0 billion) and net profit of 33.38 billion yuan, with NAND revenue nearly five times the prior-year period. • Margin expansion: Gross margin reportedly rose to 77% from 35% in 2025 as AI-driven demand increased NAND pricing and kept factories near capacity. • Market standing: Counterpoint Research recently ranked YMTC third worldwide in NAND shipments, ahead of Kioxia, while the company still trails Kioxia and Micron Technology ($MU) in NAND revenue. • Risks: TrendForce warns new supply could push the NAND market into oversupply by late 2027, while U.S. technology restrictions may constrain YMTC's longer-term expansion.