Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Yangtze Memory Technologies / Equity Capital Markets

<ul>
<li>YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.</li>
<li>We look at the company's core segments: NAND Flash products and other products and services.</li>
<li>We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.</li>
</ul>


YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors.
We look at the company's core segments: NAND Flash products and other products and services.
We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Yangtze Memory Technologies (YMTC CH) is getting ready to complete its IPO on the Shanghai Stock Exchange in late 2026/early 2027, aiming to raise about $4.9 billion.</li>
<li>Implied valuation of YMTC is up to 330 billion yuan. However, there have been reports about implied valuation of YMTC closer to the 1 trillion yuan ($149 billion).</li>
<li>Based on CXMT's P/S of 19.6x and using YMTC's estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan ($548 billion) for YMTC. </li>
</ul>


Yangtze Memory Technologies (YMTC CH) is getting ready to complete its IPO on the Shanghai Stock Exchange in late 2026/early 2027, aiming to raise about $4.9 billion.
Implied valuation of YMTC is up to 330 billion yuan. However, there have been reports about implied valuation of YMTC closer to the 1 trillion yuan ($149 billion).
Based on CXMT's P/S of 19.6x and using YMTC's estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan ($548 billion) for YMTC. 


Yangtze Memory Technologies Co (YMTC) IPO Preview

Equity Long-Short

Mo Aziz

<ul>
<li>YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.</li>
<li>CXMT's 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.</li>
<li>
SUBSCRIBE. Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.</li>
</ul>


YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.
CXMT's 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.

SUBSCRIBE. Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.


YMTC Pre-IPO Preview - China's NAND Champion: RMB 33bn Raise, CXMT's Playbook, Rerun

<ul>
<li>YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO. </li>
<li>Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT's current market cap. </li>
<li>Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS). </li>
</ul>


YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO. 
Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT's current market cap. 
Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS). 


Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a hot and humid day in July, the Data Center Asia event was packed.</li><li>The crowd included Chinese data center operators, colocation providers and suppliers of energy and liquid-cooling systems.</li><li>But Southeast Asian companies were just as visible.</li></ul>

Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a hot and humid day in July, the Data Center Asia event was packed.The crowd included Chinese data center operators, colocation providers and suppliers of energy and liquid-cooling systems.But Southeast Asian companies were just as visible.

CX Daily Aug. 25: China Tech Firms Drive AI Data Center Boom in Southeast Asia 

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Yangtze Memory Technologies (YMTC CH)

YMTC (长江存储) Pre-IPO: Tearsheet

YMTC has filed a prospectus with the SSE for a STAR listing. In this tearsheet, we look at the company's business and operating profile, its...

Ke Yan, CFA, FRM

Yangtze Memory Technologies Co (YMTC) IPO Preview

Based on CXMT's P/S of 19.6x and using YMTC's estimated annual sales of 188.2 billion yuan in 2026, this suggests market cap of 3.7 trillion yuan...

Douglas Kim

YMTC Pre-IPO Preview - China's NAND Champion: RMB 33bn Raise, CXMT's Playbook, Rerun

China's NAND champion lists at 2.3× forward earnings. Worth RMB 785bn on fundamentals; float arithmetic says it trades at RMB 1.1–1.5tn. Subscribe,...

Mo Aziz

Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge...

Douglas Kim

CX Daily Aug. 25: China Tech Firms Drive AI Data Center Boom in Southeast Asia

Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a...

Caixin Global

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