The Shanghai Stock Exchange has accepted the IPO application from Changjiang Chunqiu Holdings (CCSH Corp.), parent of Yangtze Memory Technologies (YMTC), for a listing on the STAR Market. YMTC plans to raise 33 billion yuan, or about $4.9 billion, by issuing 1.98 billion to 2.43 billion new shares at a post-listing valuation of 275 billion to 330 billion yuan, or approximately $40.9 billion to $49.1 billion. The proceeds will fund production-line technology upgrades with 20.8 billion yuan and R&D for next-generation NAND flash and high-speed storage with 12.2 billion yuan. The listing could occur as early as the fourth quarter of this year and would rank as the third-largest IPO on the STAR Market after CXMT and SMIC.