YMTC files for $5B IPO on Shanghai’s STAR Market in China’s biggest semiconductor bet yet

Yangtze Memory Technologies Co, better known as YMTC, is preparing to go public on Shanghai’s STAR Market with plans to raise roughly $4.9 billion. If successful, the IPO would cement the company’s position as a cornerstone of China’s semiconductor self-sufficiency push and rank among the largest tech listings the STAR Market has ever seen. The filing caps years of rapid growth for China’s only vertically integrated 3D NAND flash memory manufacturer. With a target valuation between 200 and 300 billion yuan, or roughly $28 to $42 billion, YMTC is pricing itself in the same weight class as established global memory giants. From tutoring phase to trillion-yuan ambitions YMTC filed for pre-IPO tutoring with CITIC Securities, its sponsor, on May 19, 2026. That preparatory phase wrapped up by August 20, 2026, clearing the path for a formal listing that the company is targeting in the first half of 2027. The fundraising target sits in a range of 20 to 40 billion yuan, which translates to approximately $2.8 to $5.6 billion. The $4.9 billion figure widely cited in coverage falls comfortably within that band. For context, the STAR Market was created in 2019 specifically to funnel capital tow...