Yangtze Memory Technologies Co. has completed the pre-listing tutoring process for a domestic stock offering in China, moving into formal IPO preparations after a filing with the China Securities Regulatory Commission showed it had put in place the governance, accounting and internal-control systems required of listed companies. The step keeps China's leading NAND flash maker on course for a potential first-half 2027 debut, although it still must complete an exchange application and audit, a listing committee review and regulatory registration. YMTC's advance comes after DRAM producer ChangXin Memory Technologies raised 66.6 billion yuan, or about $9.3 billion, in an IPO at the end of July, a deal that helped lift it past Tencent Holdings Ltd. as China's most valuable listed company. Together, YMTC and CXMT are becoming central to Beijing's effort to build self-reliance across the memory market as U.S. chip export controls raise the strategic importance of China's semiconductor supply chain. YMTC, founded in 2016, has also strengthened its industry position: Counterpoint Research said it held 14% of the global NAND flash market in the second quarter, overtaking Kioxia Holdings Corp. to rank third worldwide by shipments behind Samsung Electronics Co. and SK Hynix Inc.