YMTC Completes IPO Counseling, Advancing China's Chip IPO Process
Nashnova编辑部
YMTC has cleared China's mandatory pre-IPO tutoring and now enters the formal listing-application stage — following CXMT's ¥66.6 billion mega-debut, China's second blockbuster memory-chip IPO is on deck.
What does "completing tutoring" actually mean?
YMTC passed tutoring led by CITIC Securities and China Galaxy Securities. The CSRC confirmed its corporate governance, accounting foundations, and internal controls meet listing standards.
In plain terms = China's A-share market requires a "qualifying exam" before a company can file for an IPO — tutoring is that exam, and YMTC just passed.
This means → YMTC now holds the entry ticket; the next step is submitting its prospectus for formal review.
What benchmark did CXMT's IPO set?
CXMT listed on the A-share market last month, raising ¥66.6 billion — the second-largest IPO in A-share history.
Shares surged on the first day of trading; CXMT is now China's largest listed company by market cap.
This means → investor appetite for domestic memory chips has been validated — CXMT's success is both a precedent and a valuation anchor for YMTC.
Why is this happening now?
Two forces are converging: AI demand is driving a global memory-chip shortage and surging industry profits; U.S. export controls keep tightening, pushing capital toward domestic substitutes.
Both YMTC and CXMT are central to Beijing's tech self-sufficiency strategy, making policy support highly certain.
This reflects something larger — China's chip IPOs are not isolated events but a concentrated release driven by domestic substitution + the AI cycle.
What should investors watch next?
The key question: whether YMTC can replicate CXMT's fundraising scale and first-day performance.
If YMTC's raise approaches CXMT's ¥66.6 billion range, it will further confirm the A-share market's capacity to absorb domestic semiconductor listings.
In plain terms = CXMT proved "the market is willing to pay up." YMTC's test is whether that willingness still holds.
Content is for reference only, not financial advice.