Yangtze Memory Technologies Co. (YMTC), China's largest NAND flash memory semiconductor company, has reportedly postponed its plans to go public on the Shanghai Stock Exchange due to poor market conditions and stricter IPO reviews by authorities.
On November 4, Reuters cited sources indicating that YMTC has temporarily halted its IPO plans on the STAR Market, which focuses on technology stocks.
YMTC aimed to raise 330 billion yuan (approximately $46 billion) through its IPO, which was initially scheduled to begin allocating shares to strategic investors in late October or early November. However, the company recently announced internally that it would delay the IPO due to 'various factors,' without specifying the reasons.
Reuters reported that YMTC's listing could be postponed by several months, potentially taking place in the first half of next year, depending on market conditions.
The delay in YMTC's IPO is believed to be linked to the overall poor performance of the Chinese stock market. The CSI 300, a benchmark index, fell by about 8.5% last month, marking its worst month in over a decade. The STAR 50 Index, which includes semiconductor and AI companies listed in Shanghai, also dropped 40% from its peak in July.
As market conditions worsened, Chinese authorities have reportedly made IPO reviews more stringent. According to Reuters, the China Securities Regulatory Commission has informally instructed investment banks to delay IPOs for AI and semiconductor companies. Earlier, the Financial Times reported that Chinese regulators directed investment banks to hold off on IPOs until the market recovers and halted large share sales by existing shareholders.
The delay in YMTC's IPO could also disrupt its plans to expand NAND flash production capacity. Amid a worsening global memory semiconductor supply shortage, YMTC has been rapidly increasing its market share. Analysts suggest that while South Korean semiconductor companies like Samsung Electronics and SK Hynix face challenges in upgrading their facilities in China due to U.S. export restrictions, YMTC has been able to enhance its competitiveness. According to market research firm Omdia, YMTC's market share in China's NAND flash sector rose from 28% in 2025 to 38.5% in the second quarter of this year.
* This article has been translated by AI.
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