YMTC clears IPO counseling as NAND share hits 14%

YMTC Holding moved its IPO counseling to the acceptance-review stage Tuesday, three months after starting the process, as the Chinese NAND flash maker's global market share climbed to 14 percent.

The counseling completion report, signed Aug. 19 and filed with the CSRC Hubei bureau, confirmed the company's governance, accounting, and internal controls meet listing standards, with financial and internal-control audits receiving standard unqualified opinions. CITIC Securities and CITIC Construction Investment jointly led the counseling with a 31-person team.

Counterpoint Research data shows YMTC shipped 14 percent of global NAND flash capacity in the second quarter, ranking third behind Samsung's 25 percent and SK Hynix's 22 percent. The company reported first-quarter revenue above 20 billion yuan, up 100 percent year over year, and projects wafer output of 2 million units this year, up from 1.77 million in 2025.

The milestone brings YMTC closer to an A-share listing that could raise substantial capital for 3D NAND expansion as AI infrastructure drives a storage supercycle. The company operates two fabs in Wuhan with a third under construction, and its 232-layer process is in stable mass production with 294-layer equivalent technology in development.

Counseling Details and Regulatory Path

The counseling period ran from May 19 to June 30, covering corporate governance, internal controls, and shareholder verification. The Wuhan Donghu High-Tech Zone approved the "SS" marking for state-owned shareholders in June, a prerequisite for the listing process. YMTC's registered capital stands at 17.82 billion yuan, with Hubei Changsheng Development holding 26.5 percent as the largest shareholder.

The company's valuation reached 160 billion yuan on the 2025 Hurun Global Unicorn List, ranking ninth among Chinese unicorns and 21st globally. If the Hubei bureau completes its acceptance review, YMTC can formally submit its IPO application to the exchange. The company has not yet disclosed its proposed offer size, price range, or use of proceeds.

AI Storage Cycle and Market Dynamics

The listing comes as storage prices enter a supply-constrained cycle driven by AI infrastructure buildout. Memory makers are allocating capacity to high-bandwidth memory for AI accelerators, limiting traditional NAND supply growth. YMTC's capacity expansion to 2 million wafers this year would position it to capture share in a market where contract prices are rising.

The company's Xtacking architecture, which uses wafer bonding technology, has enabled faster development cycles and higher storage density compared with conventional 3D NAND approaches. YMTC's products span consumer electronics, servers, and data centers, positioning it as a core supplier for domestic AI infrastructure.

The last major Chinese memory IPO — CXMT's listing preparation — also moved through counseling this year, suggesting a wave of domestic semiconductor listings as Beijing prioritizes chip self-sufficiency. YMTC's successful listing would provide a benchmark for other Chinese chipmakers seeking public capital under U.S. export controls, which have restricted access to advanced lithography equipment and limited the company's ability to purchase EUV tools from ASML.

This article is for informational purposes only and does not constitute investment advice.