Yangtze Memory Technologies (YMTC), a Wuhan-based Chinese flash memory maker, has entered the formal review stage for a Shanghai IPO after the exchange sent its first round of questions on September 3 for its planned 33.3 billion yuan (US$4.6 billion).

The questions, which usually seek more detail on operations, finances, and risks, came 13 days after the filing was accepted.

That is broadly in line with recent applicants such as Shanghai Yinguan Semiconductor Technology Co., while AI chipmaker Shanghai Enflame Technology Co. waited 20 days.

YMTC has reached the global top three among flash memory suppliers, showing its importance to China’s NAND memory industry.

The company also was added to the US Commerce Department’s Entity List in December 2022, pointing to export-control risk.

Investors had worried that large chip IPOs might weigh on market liquidity after CXMT’s near-record deal added pressure.

YMTC must now respond to the exchange’s inquiries before the IPO can move to a listing hearing.

🔗 Source: Bloomberg

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