Chinese flash memory manufacturer YMTC has filed for an initial public offering on the Shanghai Stock Exchange. The company aims to raise capital to support its business development and expand production capacity for NAND flash memory.
According to Counterpoint Research, YMTC currently ranks third globally in NAND revenue, trailing only Samsung and SK hynix, while surpassing Micron Technology and Kioxia. The company holds a 14% share of the global NAND market in monetary terms.
Between the first quarter of 2025 and the first quarter of 2026, YMTC's market share by revenue increased from 9% to 14%, driven by a 478% growth in revenue. Analysts expect the company's revenue growth to significantly outpace the industry average this year.
The company's strategic shift toward the server market is significant, with server products projected to account for 38% of total revenue by 2028. This growth is supported by partnerships with Huawei and various SSD controller developers.
YMTC is also expanding into the DRAM market, competing with CXMT. The company is currently developing LPDDR5 memory using 4F2 cell architecture and is exploring long-term plans for 3D DRAM production, leveraging its expertise in wafer bonding technologies.
