Chinese flash-memory chipmaker Yangtze Memory Technologies Co (YMTC) has put its planned initial public offering (IPO) in Shanghai on hold as weaker stock markets and tighter regulatory scrutiny affect new share sales in China.
The company’s parent, CCSH Corporation, filed for an IPO in August, seeking to raise 33 billion yuan ($4.9 billion) on the Shanghai Stock Exchange’s STAR Market. The offering was expected to become one of the largest technology listings in the region.
According to an internal company memo reviewed by Reuters, YMTC has postponed the strategic share placement process that was scheduled to begin in late October or early November. The memo cited “various factors” but did not provide further details.
Two people familiar with the matter said the delay could last several months. The company may now pursue a listing in the first half of 2027, depending on market conditions.
The postponement could affect YMTC’s plans to expand its production capacity. The company is China’s largest NAND flash-memory chipmaker, producing storage chips used in smartphones, computers and data centres. Its growth during the global memory chip shortage has helped it gain market share from established suppliers such as South Korea’s Samsung and SK Hynix.
The IPO delay comes amid a broader decline in Chinese technology stocks. The benchmark CSI300 index fell 8.5% in October, marking its worst monthly performance in more than a decade. The STAR50 index, which tracks Shanghai-listed chip and AI companies, declined 40% from its July peak through the end of October.
China’s securities regulator has also reportedly given informal guidance to investment banks to slow down IPOs by artificial intelligence and semiconductor companies. Sources familiar with the matter said the regulator has also sought a pause in large share sales by existing shareholders until market conditions improve.
YMTC did not respond to Reuters’ request for comment. The China Securities Regulatory Commission also did not respond.
The delay reflects the challenges facing Chinese technology companies seeking to raise capital amid weaker investor demand and increased scrutiny of new listings.
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