Yangtze Memory Seeks China IPO After Beijing Backs DRAM Push: Report

businessworldchinatech 2 posts · 2 accounts

China’s Yangtze Memory Technologies Co. plans to submit an IPO application next month after Beijing approved its expansion into DRAM, according to a media report. The listing is expected either on Shanghai’s Star Market or in Hong Kong and could value the memory-chip maker at RMB 160 billion to RMB 300 billion ($23.6 billion to $44.2 billion).

The report said the company’s Wuhan Fab Phase 3, dedicated to LPDDR DRAM, is scheduled to be ready for production by the end of 2026. YMTC currently competes in the NAND flash market, and the DRAM move would broaden its position in memory chips.

From the sources (2 posts)

@zephyr_z9

YMTC & CXMT will be one of the most explosive trades of this year

@dnystedt

China’s Yangtze Memory will submit its IPO application in China next month now that its expansion into DRAM has been greenlit by Beijing amid the Memory Supercycle, media report, adding its new Wuhan Fab (Phase 3) dedicated to LPDDR DRAM wi

Market impact

22 small

Why it matters: A Beijing-backed entrant (YMTC) moving into DRAM adds future subsidized memory supply, a long-dated competitive threat to the DRAM oligopoly's pricing power (Micron), but it is only an IPO application with production two years out, so no near-term earnings change.

At publish time: Headline pairs a state-approved DRAM expansion with an IPO filing; the tradable substance is a new subsidized DRAM competitor, but framed as a funding/IPO-valuation number and a media report, both of which discount the near-term move.

model confidence: medium

What happened next

1–2 weeks later

fizzled moved up

IPO proceeded but only an application; near-term DRAM prices surged (498% Korea export jump, Nvidia trimming supply), contradicting MU:down thesis.

based on follow-up coverage

Follow-up coverage

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