Chinese chipmaker YMTC puts $4.9 billion Shanghai IPO on hold: Reuters

Chinese flash-memory chipmaker Yangtze Memory Technologies Co. (YMTC) has put its planned Shanghai IPO on hold as China tightens approvals for listings, according to Reuters.

YMTC's parent firm, CCSH ‌Corporation, filed for its IPO in August on Shanghai's STAR Market, seeking to raise about 33 billion yuan ($4.9 billion).

The delay could last several months, Reuters reported Wednesday, citing sources familiar with the matter. An internal memo attributed the delay to "various factors," though the company is still likely to go public in the first half of 2027, according to the report.

Founded in Wuhan in 2016, YMTC manufactures 3D NAND flash memory, which is designed to permanently store information in devices that need non-volatile storage.

The IPO delay comes amid an intensifying AI race between China and the U.S. Washington has long restricted China's access to certain AI chips through export controls, prompting Beijing to accelerate efforts to build its own high-end semiconductor capabilities.

Oracle, for example, has reportedly canceled a roughly $7 billion chip leasing deal with Chinese tech giant Tencent following pressure from the Trump administration. Nvidia has also told its global data center partners to reduce their exposure to Chinese clients, according to the Financial Times.

Meanwhile, the China Securities Regulatory Commission slowed a rush of IPOs from humanoid robot companies in September, and YMTC's IPO delay appears to signal that the tighter scrutiny has been extended to the AI chip sector, according to the report.