China-based Yangtze Memory Technologies Corp (YMTC) has dismissed speculation of a "backdoor listing," issuing a rare public statement on December 9, 2024, to refute rumors connecting it to All Ring Tech, another Hubei-based company.
Founded in 2016 with a registered capital of CNY111.812 billion (US$24.96 billion), YMTC has established itself as a leading Chinese semiconductor memory manufacturer. The company's major shareholders include Hubei Changsheng Development (26.89%), Wuhan Xinfly Technology (25.69%), and the China National Integrated Circuit Industry Investment Fund Phases I and II (12.13% and 11.53%, respectively).
Industry sources indicate that a direct IPO by YMTC, potentially valued at more than CNY100 billion (US$22.36 billion), could create market instability. The company strongly refuted speculation about pursuing a "backdoor listing" following the bankruptcy of its investor Unisplendour Corp. YMTC emphasized it has no connection to All Ring Tech and stated it reserves the right to take legal action against those spreading false rumors.
In a related development, YMTC's subsidiary Wuhan Xinxin Semiconductor, China's largest NOR Flash manufacturer, is progressing with its IPO plans. Xinxin aims to raise CNY4.8 billion (US$1.07 billion) to expand its 12-inch production capacity and advance specialized technologies. While the company has maintained steady revenue growth, its gross profit margins have decreased, reflecting broader industry challenges.
