❯ YMTC IPO Accepted by Shanghai Stock Exchange, Plans to Raise RMB 33 Billion on STAR Market

FILINGThe Shanghai Stock Exchange has accepted the STAR Market listing application from flash-memory chip maker YMTC. Per its updated prospectus, the company plans to raise RMB 33 billion (about $4.9 billion), which would put it among the largest offerings in STAR Market history. The company was established in 2016 by Tsinghua Unigroup and the National Integrated Circuit Industry Investment Fund.

TIMELINEBy exchange convention, the STAR Market route from guidance filing to listing typically takes 8 to 12 months, placing YMTC’s listing window in the first half of 2027. The company had already initiated its listing guidance in May; this application now formally enters the acceptance stage. It follows CXMT and Unitree, which just completed their own sizable offerings — Chinese tech companies raising capital intensively at home, right as the AI-driven memory demand upcycle arrives.

USE OF PROCEEDSThe money ultimately becomes capacity. The RMB 33 billion is earmarked for 3D NAND expansion, aimed at storage supply for domestic AI server and device makers. Storage procurement costs for domestic server vendors will feel the change first: the sooner local capacity comes online, the stronger their leverage in pressing the three overseas memory majors on price. In turn, that makes the listing process itself a capacity timeline.

▪ SIGNALStorage makers are crowding onto domestic listings; AI demand has made the once-hardest-to-finance heavy-asset segment bankable again.