YMTC Plans to Raise 33 Billion Yuan in STAR Market IPO; Q1 2026 Revenue Already Reaches 74% of Full-Year 2025

On August 21, the STAR Market IPO application of YMTC Holdings was accepted. The prospectus shows that from January to March 2026, YMTC Holdings generated revenue of 47.04 billion yuan, with a single quarter already reaching 74% of its full-year 2025 revenue. Net profit attributable to the parent company reached 33.379 billion yuan, more than double the full-year 2025 figure of 14.211 billion yuan. Non-recurring net profit attributable to the parent company reached 33.17 billion yuan, 2.5 times the full-year 2025 level.

For this IPO, YMTC Holdings plans to raise 33 billion yuan, of which 20.8 billion yuan will be used for the Yangtze Memory mass production line technology upgrade project, and 12.2 billion yuan will be allocated to R&D-related initiatives.

The primary source of revenue for YMTC Holdings is NAND Flash products, which are categorized by product form into memory chips, smart terminal products, and solid-state drives. In the first quarter of this year, memory chips accounted for 50.84% of revenue, smart terminals accounted for 35.53%, and solid-state drives accounted for 10.05%.

In 2023, 2024, 2025, and January–March 2026, the combined sales to the top five customers of YMTC Holdings' main business accounted for 55.73%, 64.62%, 51.65%, and 54.34% of total revenue for each respective period, with no single customer accounting for more than 50% of sales.

YMTC Holdings has no controlling shareholder and no actual controller. Its top seven shareholders are Hubei Changsheng, Xinfei Technology, China Integrated Circuit Fund (Big Fund Phase I), China Integrated Circuit Fund Phase II (Big Fund Phase II), Optics Valley Industrial Investment, Guoxin Fund, and Yangtze River Industrial Group. Big Fund Phase I and Big Fund Phase II are the third and fourth largest shareholders of YMTC Holdings, holding 11.97% and 11.38% of shares, respectively.