YMTC targets 2027 IPO after CXMT's $9.3B debut reshapes memory race

YMTC has cleared the final regulatory hurdle before filing for a domestic IPO expected in the first half of 2027, following CXMT's record 66.6 billion yuan debut that made it China's most valuable listed company.

"It completes the most critical piece of a puzzle for the A-share market's memory sector," Wu Hao, a portfolio manager at Founder Fubon Fund, said of CXMT's listing. "It gives China its first homegrown DRAM powerhouse with global heft, sharpening the investment case across the memory value chain."

YMTC, founded in 2016, operates as an integrated device manufacturer covering chip design, wafer fabrication, packaging and testing for 3D NAND flash used in solid-state drives, smartphones, PCs and data-center storage. Its proprietary Xtacking architecture — which manufactures memory cells and control circuits separately before bonding them — has pushed data-transfer speeds from roughly 800 MT/s in early versions to 3,600 MT/s in Xtacking 4.0, while storage capacity expanded from 512 gigabytes to 2 terabytes. The company recently secured 270-layer stacking technology, allowing more data on a smaller chip. Counterpoint Research data shows YMTC held 14 percent of the global NAND flash market in the second quarter, overtaking Japan's Kioxia Holdings to rank third behind Samsung Electronics at 25 percent and SK Hynix at 22 percent.

The dual listings come as AI-driven demand fuels a global memory shortage and lifts industry profits. CXMT raised 66.6 billion yuan ($9.3 billion) in late July — the second-largest listing ever in mainland China — and its shares surged 465.82 percent on debut, pushing market value past 3 trillion yuan and overtaking Tencent Holdings. YMTC's listing would give Beijing control over both major memory categories domestically, a strategic priority as U.S. chip export controls tighten.

Xtacking Architecture Closes the Gap with Samsung, SK Hynix

YMTC's competitive strength rests on Xtacking, its in-house hybrid bonding architecture. Rather than building the chip in a single process, the company splits production by function — memory cells that store data and control circuits that manage them — then bonds the layers together. This approach boosts performance while reducing manufacturing complexity.

The technology has evolved rapidly. Data-transfer speeds climbed from roughly 800 MT/s in the first generation to 3,600 MT/s in Xtacking 4.0, and storage capacity expanded from 512 gigabytes to as much as 2 terabytes per chip. The company's recent 270-layer stacking achievement allows it to pack more data into a smaller footprint, narrowing the technology gap with Samsung and SK Hynix, which have led the NAND market for years.

Counterpoint Research data shows YMTC's market share reached 14 percent in the second quarter, overtaking Kioxia Holdings to rank third globally. Samsung held 25 percent and SK Hynix 22 percent. It was the first time YMTC entered the top three NAND suppliers by shipments.

CXMT's 3 Trillion Yuan Debut Sets the Template

CXMT's debut on July 27 set the pattern. Shares surged 465.82 percent to close at 49 yuan, propelling market value past 3 trillion yuan — making it the most valuable company on the A-share market on its first trading day. The listing raised 66.6 billion yuan, the second-largest ever in mainland China.

The IPO wave extends beyond memory. Unitree Robotics, China's leading humanoid robot maker, listed on the STAR Market in August, with shares soaring as much as 629 percent before closing at 883.87 yuan — a market value of roughly $50 billion. The company raised about $900 million in its IPO.

Bloomberg reported that U.S. curbs on chip exports to China have increased the strategic importance of the domestic semiconductor supply chain, spurring investor bets and driving sharp gains in related shares. Beijing is channeling domestic capital into strategically critical technology sectors, reducing reliance on Wall Street and offshore markets.

For Samsung and SK Hynix, the implications are direct. YMTC's planned listing would provide the capital to scale NAND production aggressively, while CXMT's DRAM expansion threatens the duopoly's pricing power in a market already tight from AI demand. Both Korean chipmakers face a new competitive reality as Chinese memory makers gain access to domestic capital markets.

This article is for informational purposes only and does not constitute investment advice.