Abstract:
The review progress of Yangtze Memory Science and Technology Innovation Board IPO far exceeded expectations.
The prospectus was accepted on August 21, and it entered the inquiry status on September 3. It only took 9 trading days to complete the process that usually takes 20 trading days.
According to the current pace, Yangtze Memory is expected to be officially listed at the end of this year or early next year, when the domestic storage duo Changxin Technology and Yangtze Memory will gather in the capital market.
In terms of valuation and pricing, Changxin Technology can be used as a reference. Changxin Technology was listed on the Science and Technology Innovation Board on July 27. On the first day, its market value exceeded ICBC's A-share market of 3.31 trillion yuan. After 16 trading days, it once exceeded 4 trillion yuan. The latest market value is about 3.72 trillion yuan.
According to reports, if Changxin Technology continues to maintain its current valuation and market value, the potential market value of Yangtze Memory will be more than 3 trillion yuan.
In addition, the future stock price performance of the three global storage giants will affect the valuation and market value pricing level of Changxin Technology to a certain extent.
Yangtze River Storage plans to raise 33 billion yuan this time, which is jointly sponsored by CITIC Securities and CITIC Construction Investment. The financial data disclosed in the prospectus show that in the first quarter of 2026, it achieved revenue of 47.042 billion yuan, net profit attributable to the parent company of 33.379 billion yuan, and NAND flash memory product gross profit margin as high as 78.73%.
In 2023, global storage is at the trough of the cycle. Yangtze Memory’s revenue that year was only 18.744 billion yuan, with a net loss of 19.181 billion yuan, and NAND gross profit margin was only 1%.
In 2025, revenue will rise to 63.2 billion yuan and net profit will be 14.2 billion yuan. The net profit in one quarter of 2026 will be 2.35 times that of the whole year of 2025.
In terms of market position, according to Counterpoint data, in the second quarter of 2026, Yangtze Memory NAND shipments increased by 22% year-on-year and 5% month-on-month, with a market share of 14% rising to third in the world and first in China for the first time, second only to Samsung and SK Hynix.
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