On August 21st, the initial public offering (IPO) review status for Yangtze Memory Storage Holdings Co., Ltd. (referred to as "YMS Holdings") on the Shanghai Stock Exchange's STAR Market was officially updated to "accepted." The company has enlisted CITIC Securities and CITIC Construction Investment as its sponsors for the listing, with a target fundraising amount of 33 billion yuan.
According to the prospectus, YMS Holdings, established in 2016, stands as a world-class memory integrated device manufacturer (IDM) representing China's ambition to lead globally. The company develops NAND Flash product lines that feature industry-leading layer counts, high storage density, and rapid I/O speeds, which are widely deployed in enterprise servers, data centers, and consumer electronics. Driven by China's expansive application market and its international footprint, the company has seen a surge in shipments during the reporting period. Based on calculations from TrendForce data, between January and March 2026, YMS Holdings ranked third globally and first in China among NAND Flash manufacturers, both by sales revenue and shipment volume.
The company remains committed to proprietary core technology breakthroughs, steering China's 3D NAND technology to catch up with and surpass international standards. In 2022, it introduced the Xtacking 3.0 architecture, which earned the "Most Innovative Storage Technology Award" at the FMS global storage summit, making it one of the first companies globally to roll out 3D NAND Flash products with over 200 layers—a first for domestic storage technology to reach global advanced levels. By 2024, the company had iterated to Xtacking 4.0, securing another FMS accolade the following year and reshaping the global trajectory of 3D NAND technology development. In 2025, it became one of the few integrated circuit firms in mainland China to sign a patent cross-licensing agreement with an international industry leader, highlighting its growing technological clout.
Throughout the reporting period, the company's primary revenue stream has been NAND Flash products. These are categorized by form factor into memory chips, smart terminal products, and solid-state drives, serving applications in data centers, enterprise servers, and consumer electronics. Additionally, its subsidiary Hongmao Micro offers chip packaging and testing solutions as well as memory packaging and testing services.
The net proceeds from this offering, after deducting issuance costs, will be allocated to the following projects: In terms of financial performance, for the fiscal years 2023, 2024, 2025, and the first quarter of 2026, the company recorded operating revenues of approximately 18.744 billion yuan, 45.203 billion yuan, 63.185 billion yuan, and 47.042 billion yuan, respectively. During the same periods, it posted net profits attributable to parent shareholders of approximately -19.181 billion yuan, 6.771 billion yuan, 14.211 billion yuan, and 33.379 billion yuan, respectively.