Yangtze Storage is preparing for a $4.9 billion IPO—Chinese flash memory maker hopes to increase 3D NAND production

Chinese company Changxin Memory (CXMT) listed on the stock exchange in July, making it the most expensive stock on the local stock market by August, with the RAM maker’s capitalization estimated at $524 billion. China Yangtze Memory, another large memory maker, is also preparing for an IPO for its parent company, expecting to raise nearly $5 billion in the event and estimating its capitalization at $41 to $49 billion.

Yangtze Memory is China’s largest 3D NAND memory manufacturer, and in terms of technology development, the company founded in Wuhan in the summer of 2016 is indeed a few steps behind the world leader, offering 267-layer 3D NAND memory. Moreover, in terms of solid-state memory supply, it became one of the top three leaders in the world in the second quarter of this year, accounting for 14% of the global market share. It stands to reason that more successful business development in the context of the artificial intelligence boom can attract external capital and take advantage of favorable market conditions.

Formally, the manufacturer’s parent company CCSH is preparing to enter the Shanghai Stock Exchange, with more than 90% of its revenue provided by Yangtze River Storage. The company plans to issue 198 to 2.43 billion new shares to raise US$4.9 billion. About two-thirds of the proceeds will be used to modernize the Yangtze River Storage production line, with the remainder going to research and development. This allotment approach has an important legal feature: Although Yangtze Storage itself has been subject to sanctions in the United States since 2022, U.S. officials have not filed a formal complaint against its parent company.

In the first quarter, Yangtze Storage’s net profit reached US$5 billion, more than double the corresponding figure for the whole of 2025. This is due to the high dynamics of NAND memory prices, which have increased by 173% on the global market compared to the 2025 average. In this case, Yangtze Storage’s profit margin increased from 35.3% to 76.8%. The company’s revenue in the first quarter of this year was nearly $7 billion, an increase of about five times year-on-year. The company’s IPO could become the third largest IPO on the Shanghai Stock Exchange after Semiconductor Manufacturing International Corp. and Changxin Storage. It will also highlight the memory industry’s strategic importance to China’s economy and its growing influence on global markets.