China’s flash memory champion Yangtze Memory Technologies Co. has entered the formal review stage for its initial public offering on the Shanghai Stock Exchange, which issued its first round of inquiries on Thursday. The planned 33.3 billion yuan ($4.6 billion) fundraising would be the largest in the IPO pipeline. The inquiry stage began 13 days after the listing application was accepted, a timeline consistent with recent deals such as Deep Robotics (nine days) and Shanghai Yinguan Semiconductor Technology Co. (13 days).

This pace may ease investor concerns about a slowdown following CXMT’s near-record offering, which strained market liquidity. However, Li Minghong, chief investment officer at E Tiger Private Fund Partners, noted regulators could still pause the listing if worried about market impact from another large deal. CXMT had bypassed the public inquiry process via a pilot pre-review mechanism for strategically important tech firms.

YMTC and its advisers are expected to respond to the exchange’s questions in coming weeks before advancing to a listing hearing, a key step prior to regulatory approval and share issuance.