Chinese memory-chip maker Yangtze Memory Technologies, or YMTC, filed for an initial public offering in Shanghai to raise $4.9 billion, one of the country's biggest semiconductor share sales in years. The funds will boost production and mark a step in China's efforts to reduce reliance on foreign chip technology as global AI competition intensifies. YMTC, Shanghai's leading NAND flash chip maker, reported revenue of 47.04 billion yuan ($7.0 billion) in the first quarter, beating its full-year 2024 total.

Revenue from core NAND flash products surged nearly fivefold year-over-year. Net profit hit 33.38 billion yuan, more than double its 2025 total. The company's gross margin surged to 77% from 35% a year earlier, driven by explosive AI demand tightening NAND supply.

Counterpoint Research recently ranked YMTC No. 3 globally in NAND shipments, ahead of Western Digital, though it still trails Kioxia and Micron Technology in revenue. Analysts believe YMTC has transitioned from a 'domestic substitution play' into a 'top-3 global NAND platform'. Proceeds will upgrade production lines and develop next-generation storage products.

The market expects the listing next year, following the strong investor response to CXMT's debut last month. However, Trend Force warns fresh capacity could push the NAND market into oversupply by late 2027. YMTC remains subject to U.S. restrictions limiting access to certain American technologies.