(Yicai) May 21 -- Yangtze Memory Technologies, China’s leading flash memory chipmaker, has initiated preparations for an initial public offering on the Shanghai Stock Exchange’s Star Market technology board.

The China Securities Regulatory Commission has accepted YMTC’s application for the pre-listing tutoring process, according to a filing on May 19. Citic Securities and CSC Financial were selected as the tutoring institutions, AllBright Law Offices as the legal counsel, and Deloitte Touche Tohmatsu Certified Public Accountants as the auditor.

The pre-listing tutoring process will involve a comprehensive review of the company’s asset status, financial condition, legal compliance, and core competitiveness.

YMTC primarily produces three-dimensional NAND flash wafers and chips, embedded memory chips, and consumer- and enterprise-grade solid-state drives. It has ties with several listed supply chain firms, such as Microgate Technology, Longsys Electronics, Jiangsu Aisen Semiconductor Material, and Wuhan P&S Information Technology.

The company has no controlling shareholder, as it features a diversified ownership structure led by state-owned enterprises, the filing showed. Its largest shareholder is Hubei Changsheng Development, with a 26.5 percent stake. The National Integrated Circuit Industry Investment Fund Phase II, along with local state-owned capital and bank-affiliated industrial funds, completed capital injections and equity investments in YMTC in 2024.

On May 19, YMTC’s subsidiary Xinxin Semiconductor Manufacturing withdrew its Star Market IPO application after waiting for review for about 20 months. XMC focuses on semiconductor foundry services, including specialty memory, mixed-signal, and 3D integration.

YMTC generated revenue of CNY56.2 million (USD8.3 million) and a net loss of CNY97.5 million in 2024, according to XMC’s listing prospectus. In the first half of 2025, the company’s operating revenue was CNY37.8 million, and its net loss was CNY251 million (USD36.9 million). As of the end of June, its net assets stood at CNY136.6 billion (USD20.1 billion).

YMTC’s peer ChangXin Memory Technologies is scheduled to undergo the review hearing for an IPO on the Star Market on May 27.

Editor: Futura Costaglione