YMTC Parent Targets 33 Billion Yuan From Shanghai IPO

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CCSH Corp., the parent company of Yangtze Memory Technologies Co. or YMTC, has filed for an initial public offering in Shanghai, seeking to raise up to 33 billion yuan, according to a bourse filing on Friday.

The Shanghai Stock Exchange accepted CCSH's listing application the same day.

CCSH plans to issue between 1.98 billion and 2.43 billion shares, representing about 10% to 12% of its total share capital post-IPO.

The company intends to use the proceeds to upgrade its production capacity and invest in research and development.

In the first quarter, the company ranked third globally and first in China among NAND flash manufacturers in terms of sales revenue and shipment volume, CCSH said, citing data from TrendForce.

Also in the first quarter, the YMTC parent reported 33.4 billion yuan in attributable net profit on revenue of 47 billion yuan.

CITIC Securities and CITIC Securities Investment are serving as the sponsors of the IPO.

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