Chinese chipmaker YMTC said to consider IPO next year

Yangtze Memory Technologies (YMTC) is considering an IPO in mainland China as early as 2026, with a potential valuation between 200 billion yuan (US$28 billion) and 300 billion yuan (US$42.3 billion), according to sources familiar with the matter.

YMTC is reportedly working with China International Capital Corp. and CSC Financial on the listing.

ChangXin Memory Technologies (CXMT), another Chinese chip firm based in Hefei, is also preparing for an onshore IPO with the same banks and is targeting a similar valuation.

Both IPO plans are still in early stages, and details may change.

🔗 Source: Bloomberg

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Implications, context, and why it matters.

Chinese memory chipmakers’ IPO valuations face scrutiny amid limited public financial disclosure

YMTC and CXMT seek IPO values of 200–300 billion yuan, or about $28–$42 billion, despite thin public financial detail.
CXMT reached 200,000 dynamic random-access memory (DRAM) wafers per month by Q1 2025, with plans for 300,000 in 2026 1. In High Bandwidth Memory (HBM), industry analyses place it 3–4 years behind market leaders 2. Reported Double Data Rate 5 (DDR5) yields range from about 10–20% to near 80%, depending on the source 1.
YMTC runs two Wuhan fabrication plants (fabs) with 160,000 12-inch wafers per month at end-2024, with another 65,000 slated for 2025 3. Public sources share no revenue or margin figures 3.
Both firms face U.S. export limits on advanced tools 2 4. EUV lithography is expected to be needed for next-generation DRAM and HBM nodes 2 4.

Suppliers can win bids as Chinese memory fabs push local sourcing

YMTC plans trial runs on its first NAND line built with only domestic gear in 2025 5. This opens room for Chinese equipment and materials vendors as it builds local supply.
New CXMT lines in Hefei move ahead while YMTC develops a third Wuhan fab with 20.7 billion yuan in registered capital 3 1. These builds drive work for construction crews, cleanroom outfits, and test or packaging shops 3 1.
Global investors plus tool makers can scan procurement portals with supplier qualification lists to spot tenders (formal bids) early. Focus on items outside export controls to limit delays.