China's memory chip pioneer, Yangtze Memory Technologies (YMTC), is moving towards an Initial Public Offering (IPO) that will establish the first publicly traded manufacturer of integrated 3D NAND devices in China. This week, the status of the holding company's IPO review on the Shanghai STAR Market was changed to 'approved,' marking a significant milestone in its decade-long effort to overcome global oligopoly.
YMTC was founded in Wuhan in 2016 with support from the National Data Storage Base. The State Fund invested approximately 160 billion yuan in the project, calling it the largest single investment of that year. At that time, Korean and Japanese 3D NAND manufacturers had reached 48 layers, and American companies had achieved 32 layers, while mainland China had not yet begun mass production of NAND flash memory. YMTC started with 32 layers.
The company demonstrated rapid growth: the first 32-layer sample was released in 2017, and mass production began in 2018. In 2019, 64 layers were achieved, and in 2020, the company released a quad-level-cell device at 128 layers, skipping the 96-layer stage. In 2022, a product with 232 layers was introduced, allowing it to join the ranks of global leaders in shipments exceeding 200 layers. By 2025, the company reached 294 layers, and by March 2026, the industry began supplying devices with over three hundred layers, while competitors were already aiming for 400 layers.
However, technological superiority did not immediately translate into increased market share. In 2022, YMTC's share of the global NAND market was only about 4.8%, while the market was dominated by Samsung, Kioxia, Micron, SK Hynix, and Western Digital. The company's breakthrough came through increasing production capacity. Between 2023 and 2025, the company invested 21.3, 31, and 36.2 billion yuan respectively in factories and equipment, despite a downturn in the memory industry. It combined production expansion with price reductions to capture market share while incumbent players scaled back operations.
By the second quarter of 2026, Counterpoint Research estimated YMTC's share of the global NAND market at 14%, trailing only Samsung with 25% and SK Hynix with 22%. TrendForce data showed that in early 2026, YMTC ranked third globally and first in China in sales and shipments. Nevertheless, the company warns that its scale lags behind the giants and requires continuous investment. Despite this, it has transitioned from a follower to a participant in the race, and its next decade is just beginning.