Yangtze Memory Technologies Co, known as YMTC, is preparing to list on Shanghai’s STAR Market and raise between 20 billion and 40 billion yuan, or approximately $2.8 billion to $5.6 billion. The $4.9 billion figure cited in coverage falls within that range. YMTC is targeting a valuation of 200 billion to 300 billion yuan, equivalent to roughly $28 billion to $42 billion. The company filed for pre-IPO tutoring with sponsor CITIC Securities on May 19, 2026, completed the preparatory phase on August 20, 2026, and is aiming to list in the first half of 2027. Its revenue exceeded 20 billion yuan in the first quarter of 2026, up more than 100% from a year earlier. By late 2025, YMTC held an estimated 13% to 14% of the global NAND flash market, behind Samsung, SK Hynix and Micron. The listing would support China’s semiconductor self-sufficiency drive and give YMTC access to domestic institutional and retail capital. At a $42 billion valuation, the company would be priced at roughly two times Micron’s price-to-sales ratio based on recent quarterly revenue run rates.