CCSH Corporation, the parent of Chinese memory chip giant Yangtze Memory Technologies Corporation (YMTC), announced on August 21 that it plans to raise at least RMB 33 billion (USD 4.9 billion) in a listing on the Shanghai Stock Exchange.

The company, which recently became the world’s third largest NAND flash chipmaker, will list on the tech-focused Star Market as the artificial intelligence boom brings a windfall to data center suppliers. 1.98–2.43 billion shares will be issued.

Industry executives expect its valuation to match that of recently listed peer ChangXin Memory Technologies (CXMT).

CCSH disclosed in its prospectus for the first time that revenue for the first three months of 2026 reached RMB 48.21 billion (USD 7.2 billion), while net profit hit RMB 36.71 billion (USD 5.4 billion), more than double of all of last year, thanks to a significant price surge in the memory chip market.

It also said the company turned a profit for the first time in 2024, according to its prospectus filed with the Shanghai Stock Exchange.

Capital raised will be used toward upgrading production lines and investing in further R&D, the company said.

Research company Counterpoint said Samsung is the market leader in NAND flash memory with about a 25% share, while SK Hynix and its affiliate, Solidigm, together held 22% of the market in the April-June period.

YMTC controls about 14%, similar to Japan’s top memory chipmaker Kioxia, Counterpoint data showed.

CCSH’s listing comes as Chinese chipmakers ride a wave of strong memory chip demand driven by AI data centers. CXMT raised RMB 57.9 billion (USD 8.6 billion) in Asia’s largest IPO in July, becoming the most valuable company listed in China and Hong Kong, and overtaking Intel in market value.

CCSH is the listing vehicle while wholly owned subsidiary YMTC is the main operating business. The company was founded in 2016 by Tsinghua Unigroup, the Hubei provincial government and state-owned China Integrated Circuit Industry Investment fund. YMTC was established with the mission of helping China build its NAND flash memory capabilities.

YMTC, not CCSH, was added to the US Entity List, which restricts exports of goods that are considered a threat to national security, in October 2022. It was later designated an affiliate of China’s People’s Liberation Army.

YMTC has sued the Pentagon to have itself removed from the Chinese military blacklist, but it did not address the US government’s designation in its prospectus.

Apple had completed verification of YMTC’s products in 2022, but its plan to source chips from the memory maker was suspended amid US political pressure, Nikkei Asia has reported.

The CCSH filing highlighted that recent escalating geopolitical tensions and an increasingly complex global trade environment have created greater uncertainty for global expansion and supply chains.

NAND flash memory is a critical component for data storage and is used across a wide range of electronic devices, from smartphones and PCs to cars and servers. Global NAND flash memory prices will grow more than 250% from last year thanks to AI infrastructure buildout, research company Omdia said.

Nikkei Asia exclusively reported in February that YMTC, along with its peer CXMT, has launched its largest ever capacity expansion to meet an accelerating memory chip crunch.

This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.

Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of August 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.