Changcun Group, the parent company of Yangtze Memory Technologies Co., Ltd. (YMTC), filed for an IPO on May 19, 2025. YMTC is China's only domestic manufacturer of 3D NAND Flash memory.
IPO filing submitted to CSRC
YMTC holds 11% of the global NAND market as of the fourth quarter of 2025. The company's Xtacking architecture, now at version 4.0, enables high-layer-count 3D NAND. YMTC has shipped 232-layer NAND and is developing 300+ layer NAND. Its PC550 is the first PCIe 5.0 commercial SSD from YMTC, with an interface speed of 3600 MT/s and a 36% improvement in storage density over the previous generation.
The IPO filing was submitted to the China Securities Regulatory Commission (CSRC). Changcun Group's valuation was approximately 160 billion RMB as of April 2025. YMTC's Phase 3 fab is under construction and targets 100,000 wafers per month. In 2025, YMTC's output is estimated at 177 million wafers, ranking fourth globally.
YMTC's self-brand 'ZHITAI' leads SSD sales on JD.com. According to ZDNet Korea, Samsung signed a hybrid bonding patent license with YMTC, as developing next-generation NAND without YMTC's patents would be nearly impossible. Multiple international PC makers and a smartphone maker are reportedly considering adopting YMTC NAND Flash, though this remains unconfirmed.
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