Yangtze Memory Technologies Co. (YMTC) formally started its initial public offering process via a local filing. The company hired state-owned investment bank CITIC Securities for the mandatory pre-listing tutoring phase.
This move aims to raise capital and capture demand driven by the global AI boom. YMTC competes as China's top contender against NAND flash giants Samsung, SK Hynix, and Micron.
The potential listing follows YMTC’s addition to a U.S. trade blacklist in late 2022. These sanctions forced the chipmaker to increase its reliance on domestic supply chains.