YMTC targets $4.9 billion Shanghai IPO, countering U.S. tech curbs

Yangtze Memory Technologies Corp. (YMTC) has received approval for an initial public offering on Shanghai’s STAR Market.

The Chinese chipmaker plans to raise 33 billion yuan ($4.91 billion) through the listing.

This offering represents one of the largest-ever debuts on the tech-focused board.

YMTC will use the capital infusion to navigate U.S. export controls targeting China’s technological advancement.

Proceeds will fund research, development, and the expansion of domestic production capacity.

The IPO supports China’s broader strategy to reduce national reliance on foreign semiconductor technology.