Visitors gather at YMTC's booth during a high-tech expo in Wuhan, Hubei province, on April 19. CHINA DAILY
China's leading flash memory maker, Yangtze Memory Technologies Co (YMTC), has officially begun its initial public offering process with plans to list on Shanghai's STAR Market, marking a major milestone for the country's semiconductor industry.
The filing showed that YMTC has no controlling shareholder and features a diversified ownership structure led by State-backed entities. Its largest shareholder, Hubei Changsheng Development — wholly owned by the administrative committee of Wuhan Optics Valley in Hubei province — holds 26.54 percent of the company.
Other key investors include phases I and II of the National Integrated Circuit Industry Investment Fund, as well as local State-owned capital and industry funds.
Guosheng Securities said in a research note that YMTC is expected to submit its listing application as early as mid-June, with market forecasts valuing the company at around 300 billion yuan ($44 billion) for the IPO.
