On September 3, Yangtze Memory Technologies Co., Ltd. entered the inquiry stage of its Sci-Tech Innovation Board IPO, aiming to raise RMB 33 billion—a new record for the board. The company is China’s only IDM enterprise to have achieved mass production of 3D NAND flash chips, and by Q2 2026, it captured a 14% global NAND bit shipment share, surpassing Kioxia and Micron to become the world’s third-largest NAND supplier. Its financial performance has exploded exponentially: in Q1 2026, revenue reached RMB 47.042 billion with a net profit of RMB 33.379 billion and a gross margin of 76.77%. The primary growth driver is the shift by global giants such as Samsung and SK Hynix toward AI-focused HBM production, which has reduced consumer-grade NAND supply and triggered a sharp price surge, while AI inference workloads have further boosted demand for NAND Flash. Of the RMB 33 billion raised, RMB 20.8 billion will be allocated to upgrade Yangtze Memory’s mass production lines.Article author and source: Huoxing Finance
On September 3, according to the Shanghai Stock Exchange’s official website, the IPO review status of Yangtze Memory Technologies Holding Co., Ltd. (hereinafter referred to as "YMTC Holding") on the STAR Market changed from "Accepted" to "Under Inquiry." The company was accepted on August 21 and entered the inquiry stage just 13 days later, indicating a significantly accelerated review process.
Changcun Holding plans to raise RMB 33 billion, setting a new record for the highest planned fundraising amount in the history of the STAR Market, surpassing Changxin Technology’s RMB 29.5 billion and SMIC’s RMB 20 billion. The joint sponsors are CITIC Securities and CITIC Jian tou.
Source: Unicorn Early Warning
Company Overview and Industry Position
Changcun Holding was established in 2016 and is headquartered in Wuhan, Hubei. It is the only domestic IDM company to achieve mass production of 3D NAND flash chips and represents China as a world-class memory IDM enterprise.
According to Counterpoint Research, in the second quarter of 2026, ChangXin Memory Technologies' global NAND bit shipment share reached 14%, surpassing Kioxia and Micron for the first time to rank third globally, behind Samsung Electronics (25%) and SK Hynix (22%). Shipments increased by 22% year-over-year during the quarter.
It is reported that Yangtze Memory Technologies is significantly expanding its production capacity, aiming to surpass Samsung and SK Hynix to become the world's leading NAND flash memory manufacturer by the end of 2027.
However, the lead in shipment volume has not yet fully translated into revenue; the company is currently ranked fifth globally by revenue, primarily because sales still consist mainly of consumer-grade NAND, which has a lower average selling price than enterprise-grade SSDs.
Changcun Holding has built the largest 3D NAND Flash wafer production base in mainland China, with products widely used in enterprise servers, data centers, and consumer electronics. The company launched the Xtacking® 3.0 technology in 2022, becoming one of the first globally to offer 3D NAND Flash products with over 200 layers; in 2024, it upgraded to Xtacking® 4.0 technology and received the prestigious FMS award. In 2025, Changcun became one of the few integrated circuit companies in mainland China to achieve patent cross-licensing with leading international manufacturers.
Financial performance
Financially, during the industry downturn in 2023, the company generated RMB 18.744 billion in main business revenue and reported a net profit attributable to shareholders of -RMB 19.181 billion, with a gross margin of approximately 1% on its NAND Flash products. However, the company did not reduce its production capacity; instead, it continued to expand, and by the end of March 2026, it had established the largest 3D NAND Flash wafer production base in mainland China.
In 2024, the industry rebounded, with main business revenue rising to RMB 45.203 billion and net profit reaching RMB 6.771 billion, turning a profit. In 2025, revenue amounted to RMB 63.185 billion, with net profit of RMB 14.230 billion.
Entering 2026, performance experienced exponential growth. In the first quarter, core business revenue reached RMB 47.042 billion, nearing three-quarters of the entire 2025 annual revenue; net profit attributable to shareholders amounted to RMB 33.379 billion, more than 2.35 times the full-year net profit of 2025.
The gross profit margin for NAND Flash products reached 78.73%, while that for memory chips soared to 84.23%. The gross profit margin for smart terminals was 73.26%, and for solid-state drives, it was 70.29%. Overall gross profit margin rose from 5.45% in 2023 to 32.49% in 2024, 35.30% in 2025, and further surged to 76.77% in the first quarter of 2026. In comparison with ChangXin Memory’s net profit of RMB 24.76 billion during the same period, Yangtze Memory Technologies has surpassed it in terms of profitability scale.
Growth Drivers and Market Supply and Demand
The core drivers behind the surge in performance are two factors: international giants such as Samsung and SK Hynix have concentrated their advanced production capacity on HBM for AI applications, leading to a contraction in consumer-grade NAND supply and a sharp price increase; at the same time, the massive KV cache data generated during AI inference is being tiered from HBM to solid-state drives, directly boosting demand for NAND Flash.
According to TrendForce data, NAND Flash contract prices surged 55% to 60% in the first quarter and rose approximately 60% further in the second quarter. In the third quarter of 2026, contract prices still increased by 10% to 15% quarter-over-quarter, but the rate of growth began to slow.
Fund Allocation and Equity Structure
Of the RMB 33 billion raised in this offering, RMB 20.8 billion will be used for the technology upgrade of Yangtze Memory Technologies' mass production lines, and RMB 12.2 billion will be allocated to R&D-related projects. According to the prospectus, the company’s second-phase production line is already operating at full capacity, and construction of the third-phase capacity is underway. Upon completion of these funded projects, the company will further enhance its capability to produce high-performance products using advanced process technologies.
In terms of equity structure, Changcun Holding has no controlling shareholder or actual controller. Shareholders holding more than 10% of the company’s shares are: Hubei Changsheng (26.54%), Xinfly Technology (25.35%), National Integrated Circuit Industry Investment Fund Phase I (11.97%), and National Integrated Circuit Industry Investment Fund Phase II (11.38%). Additionally, Guanggu Industrial Investment holds 9.25%, and Guoxin Fund holds 5.90%. Ultimately, the major stakeholders are the Hubei Provincial State-owned Assets Supervision and Administration Commission, the Wuhan Municipal State-owned Assets Supervision and Administration Commission, the Donghu High-tech Zone Management Committee, and the National Integrated Circuit Industry Investment Fund.
To maintain its technological leadership, the company has sustained high levels of R&D investment. From 2023 to the first quarter of 2026, cumulative R&D spending amounted to nearly RMB 16 billion. As of March 31, 2026, the company and its controlled subsidiaries held a total of 6,088 authorized patents, including 5,611 invention patents. The R&D team consists of 4,796 personnel.
Industry significance
From a loss of RMB 19.2 billion in 2023 to a net profit of RMB 33.4 billion in the first quarter of 2026, Changcun Holding achieved a remarkable turnaround in just three years. The planned fundraising of RMB 33 billion sets a new record on the STAR Market. With a 14% global NAND shipment share, the third-largest position globally in the industry, and a quarterly gross margin of 78.73%, these figures highlight the explosive growth potential of this leading Chinese NAND manufacturer amid the AI-driven storage supercycle.
After entering the inquiry stage on September 3, Changcun Holding must still go through processes including responding to inquiries, review by the listing committee, and registration approval from the China Securities Regulatory Commission. As the second domestic storage IDM giant, following ChangXin Technologies, to pursue an IPO on the A-share market, Changcun Holding’s IPO marks a landmark moment for China’s domestic storage industry transitioning from “technological breakthrough” to “capital-driven growth.” It also signifies that China’s “twin stars” of semiconductor storage—ChangXin in DRAM and Changcun in NAND—are set to achieve a historic convergence on the STAR Market.