China's domestic storage leader, Yangtze Memory Holdings Co., Ltd. (referred to as "YMTC Holdings"), has moved one step closer to its initial public offering. On September 3, the company's application for a STAR Market listing on the Shanghai Stock Exchange was officially updated to "Under Review" status, marking a significant milestone in its journey to raise 33 billion yuan. CITIC Securities and CITIC Construction Investment are serving as the joint sponsors for the offering.
According to the prospectus, the company stands as a world-class memory IDM enterprise representing China's technological ambitions. It has developed a NAND Flash product series featuring globally leading layer counts, high storage density, and superior I/O speeds, which are widely deployed across enterprise servers, data centers, and consumer electronics. Leveraging China's vast application market and its international expansion strategy, the company has seen rapid shipment growth during the reporting period. Based on calculations from TrendForce data, from January to March 2026, the company ranked third globally and first in China among NAND Flash manufacturers by both sales value and shipment volume.
The company has consistently pursued original core technology breakthroughs, leading China's 3D NAND technology to catch up with and surpass international advanced levels. In 2022, it launched its Xtacking 3.0 technology, which earned the "Most Innovative Storage Technology Award" at the prestigious FMS global storage industry summit. This achievement made the company one of the first in the world to introduce 3D NAND Flash products with over 200 layers, marking the first time domestic storage technology took the global lead. In 2024, the company iterated its technology with Xtacking 4.0, which again received an FMS award the following year, reshaping the global development roadmap for 3D NAND technology. By 2025, it had become one of the few Chinese mainland integrated circuit companies to secure patent cross-licensing agreements with leading international manufacturers, further highlighting its rising technological influence.
The company has established a diverse, high-quality customer ecosystem, achieving multi-dimensional and multi-tiered market coverage. In the enterprise market, it maintains deep collaborations with leading domestic companies in the internet, server, and consumer electronics sectors, while also integrating into the supply chains of top-tier international clients. In the consumer market, the company has launched its proprietary Zhita brand product line, steadily enhancing brand recognition and market impact. Where to begin understanding the opportunity: Storage capacity serves as the cornerstone of the digital era and the core carrier of digital infrastructure. Guided by end-user applications, the company continues to build a high-commercial-value product portfolio to support diverse needs across various segments and use cases. Simultaneously, it provides application validation scenarios for upstream material, equipment, and component suppliers, working collaboratively with partners across the value chain to drive technological iteration and process upgrades for the entire industry, strengthening China's memory industry while giving back to society through technological innovation.
Financially, the company reported revenue of approximately 18.744 billion yuan, 45.203 billion yuan, 63.185 billion yuan, and 47.042 billion yuan for 2023, 2024, 2025, and the first quarter of 2026, respectively. During the same periods, net profit stood at approximately -19.181 billion yuan, 6.771 billion yuan, 14.211 billion yuan, and 33.379 billion yuan.