BEIJING, May 19 (Reuters) – China’s top flash memory chipmaker YMTC has begun the so-called “tutoring” process for a potential initial public offering, involving formal pre-IPO guidance talks with an investment bank, a filing with China’s securities regulator showed on Tuesday. Yangtze Memory Technologies Co (YMTC) has hired CITIC Securities, a Chinese state-owned investment bank, […]
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China’s top flash-memory chipmaker YMTC begins pre-IPO coaching talks with investment bank
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BEIJING, May 19 (Reuters) – China’s top flash memory chipmaker YMTC has begun the so-called “tutoring” process for a potential initial public offering, involving formal pre-IPO guidance talks with an investment bank, a filing with China’s securities regulator showed on Tuesday.
Yangtze Memory Technologies Co (YMTC) has hired CITIC Securities, a Chinese state-owned investment bank, to guide its IPO preparation ahead of a potential stock market listing.
YMTC is seen as China’s best hope of establishing a foothold in a global memory chip market long dominated by South Korean and U.S. players such as Samsung Electronics, SK Hynix and Micron.
Despite being added to a U.S. trade blacklist in late 2022, a move that curtailed its access to foreign chipmaking tools, the Wuhan-based company has expanded its use of domestic equipment suppliers such as Naura and is now aggressively adding capacity.
(Reporting by Pan Che, Shi Bu and Ryan WooEditing by Bernadette Baum)