New IPO News | Changcun Holdings Reportedly Suspends STAR Market IPO in Shanghai; Originally Planned to Raise RMB33 Billion

According to media reports, Yangtze Memory Technologies, mainland China's largest flash memory chip manufacturer, has suspended its Shanghai initial public offering (IPO) plan because regulators tightened approval of stock offerings amid a stock market pullback. An internal notice sent by Yangtze Memory Technologies to employees showed that the IPO plan has been suspended due to various factors. The notice did not elaborate. According to two of the people familiar with the matter, the delay could last several months. Previously, Changcun Holdings, the parent company of Yangtze Memory Technologies, submitted an IPO application to the Shanghai STAR Market in August, planning to raise RMB33 billion. The company had originally planned to launch the IPO strategic placement work between late October and early November. According to the prospectus, the company is a memory IDM enterprise representing China among the world's first-class players, building a NAND Flash product series with globally leading layer counts, high storage density, and high I/O speed, widely used in enterprise servers, data centers, consumer electronics, and other fields. Relying on China's vast application market and international layout, the company's shipments grew rapidly during the reporting period. In terms of financials, in 2023, 2024, 2025, and January-March 2026, the company achieved operating revenue of approximately RMB18.744 billion, RMB45.203 billion, RMB63.185 billion, and RMB47.042 billion, respectively; during the same periods, net profit was approximately -RMB19.181 billion, RMB6.771 billion, RMB14.211 billion, and RMB33.379 billion, respectively. According to Counterpoint Research's memory market tracker and forecast, in the second quarter of 2026, Yangtze Memory rose to third place globally by NAND shipments, behind only Samsung Electronics and SK Hynix, surpassing Kioxia and Micron. If SK Hynix's Solidigm shipments were excluded from the calculation, Yangtze Memory's ranking would rise further to second place.