Changcun Holdings IPO on the Science and Technology Innovation Board has been accepted, positioning it as a world-class memory IDM enterprise.

On August 21, Yangtze Memory Technologies Co., Ltd. (referred to as: YMTC) had its IPO review status on the Shanghai Stock Exchange's STAR Market changed to "received." CITIC SEC and China Securities Co., Ltd. serve as its sponsoring institutions, with plans to raise 33 billion yuan. The prospectus shows that YMTC was established in 2016 and represents Chinas entry into the ranks of world-class memory IDM companies, developing globally leading NAND Flash products with high layer counts, high storage densities, and high I/O speeds, widely applied in enterprise servers, data centers, consumer electronics, and other fields. Leveraging China's vast application market and international layout, the company experienced rapid shipment growth during the reporting period. According to TrendForce data, in the first quarter of 2026, the company ranked third globally and first in China among NAND Flash manufacturers in terms of sales revenue and shipment volume. The company has consistently adhered to original core technology breakthroughs, leading Chinas 3D NAND technology to catch up with international advanced levels. In 2022, the company launched Xtacking 3.0 technology and won the "Most Innovative Storage Technology Award" at the global storage industry summit FMS, becoming one of the first companies in the world to offer 3D NAND Flash products with over 200 layers, marking the first time domestic storage technology has surpassed global advanced levels. In 2024, it will iterate the Xtacking 4.0 technology and win another authoritative FMS award the following year, reshaping the global development roadmap of 3D NAND technology. By 2025, it will become one of the few integrated circuit companies in mainland China to reach patent cross-licensing agreements with international leading manufacturers, highlighting its technological influence. During the reporting period, the companys main business revenue came primarily from NAND Flash products. NAND Flash products are classified into storage chips, intelligent terminal products, and solid-state drives based on their form; they are mainly used in data centers, enterprise servers, consumer electronics, and various application scenarios. In addition, the companys subsidiary Huanmao Micro can provide chip packaging and testing solutions and memory packaging testing services. The proceeds from this issuance, after deducting issuance costs, will be used for the following projects: In terms of finances, for the fiscal years 2023, 2024, 2025, and January to March 2026, the company is expected to achieve operating revenues of approximately 18.744 billion yuan, 45.203 billion yuan, 63.185 billion yuan, and 47.042 billion yuan, respectively. During the same period, it recorded net profits attributable to shareholders of approximately -19.181 billion yuan, 6.771 billion yuan, 14.211 billion yuan, and 33.379 billion yuan, respectively.