RMB20.8 billion of the planned proceeds was earmarked for upgrading production lines, so the delay puts YMTC's NAND capacity plans on other funding just as rivals add supply.
Yangtze Memory Technologies (YMTC), China’s largest NAND flash memory maker, has put its RMB33 billion Shanghai listing on hold, according to a company memo and people with knowledge of the matter cited by Reuters. The report, carried by MarketScreener, said a strategic share placement planned for late October and early November had been paused. Two of the people said the listing is now likely in the first half of 2027, subject to market conditions.
YMTC’s internal note to staff cited "various factors" and gave no further detail. Neither YMTC nor the China Securities Regulatory Commission (CSRC) responded to Reuters. Two people said the delay could last several months. Chinese outlets carried the news through November 5, including a Sina roundup that noted regulators had tightened IPO approvals during the stock market slump.
The pause matters beyond one company. Beijing has nurtured YMTC as part of its drive for semiconductor self-reliance, BusinessKorea noted, and the company has grown fast during a global memory shortage. Its offering was set for the STAR Market (科创板), Shanghai’s board for science and technology companies, where chip and AI stocks have borne the brunt of recent selling.
The listing was meant to fund new production lines and research
YMTC’s parent CCSH applied in August to list on the STAR Market and raise RMB33 billion, about US$4.9 billion. A Sina report at the time of filing said the Shanghai Stock Exchange accepted the application on August 21. It earmarked RMB20.8 billion for a technology upgrade of its mass-production lines and RMB12.2 billion for research projects. The filing showed first-quarter 2026 revenue of RMB47.04 billion. According to Reuters, the application is still listed at the "inquiry stage" on the exchange’s website.
BusinessKorea reported that the revenue figure was roughly five times the level a year earlier. Citing Counterpoint Research, it said YMTC held 14% of global NAND bit shipments in the second quarter of 2026, third behind Samsung Electronics at 25% and SK hynix at 22%. A report republished by Sina Tech said YMTC has also overtaken Samsung as the largest NAND supplier in China by shipments.
Regulators are slowing chip and AI listings in a falling market
The market behind the decision has turned sharply. The CSI 300 index fell 8.5% in October, its worst month in more than a decade, and the STAR 50 index of chip and AI companies dropped 40% from its July peak through the end of October, The Standard reported, carrying the Reuters story. Four people told Reuters that the CSRC had informally told investment banks to slow IPOs by AI and chip companies, and three said scrutiny of new listings had tightened over recent weeks.
The Financial Times reported separately that the CSRC told banks to pause IPOs and suspended large share sales by existing shareholders until markets recover. Earlier this week, China’s financial regulator said AI investment had become overly concentrated as the STAR 50 fell 3.8%, and fellow memory maker CXMT raised its share buyback to up to RMB5 billion as the index swung back.
Capacity plans now depend on other funding
Reuters said the delay could affect YMTC’s capacity expansion. The Sina Tech report said a later listing may stretch equipment deliveries and the ramp-up of new capacity, though YMTC still has other financing channels and the pause does not mean expansion stops.
The timing is awkward for a company that relies almost entirely on NAND. BusinessKorea cited TrendForce forecasts that NAND prices will come under growing pressure from the second half of 2027, as new fabs open and makers shift to higher-layer processes, while DRAM shortages persist. Samsung is upgrading NAND at its Xi’an plant from about 200 layers to 286, and SK hynix plans to move its Dalian plant from 192 layers to 240 or more, BusinessKorea reported.
The signal to watch is the Shanghai Stock Exchange’s listing page for CCSH: a move out of the inquiry stage, or a restart of the strategic placement, would show that regulators are reopening the window for large chip offerings.