China's leading flash memory maker, Yangtze Memory Technologies Co, or YMTC, has officially kicked off its initial public offering process, with plans to list on Shanghai's STAR Market, according to a filing with the China Securities Regulatory Commission on Tuesday.

The filing showed that the company, which has no controlling shareholder, features a diversified ownership structure led by State-backed entities. Its largest shareholder, Hubei Changsheng Development Co, which is wholly owned by the administrative committee of Wuhan Optics Valley in Hubei province, holds 26.54 percent of the company.

Other key investors include phases I and II of the National Integrated Circuit Industry Investment Fund, as well as local State-owned capital and industrial funds.

YMTC is the only Chinese company capable of end-to-end 3D NAND flash chip manufacturing. NAND is a technical term; for a type of high-end nonvolatile memory chip used for data storage in data centers, smartphones and tech gadgets.

By the third quarter of 2025, YMTC captured roughly 13 percent of the global NAND flash market, securing a top-tier position, the filing said.

Driven by surging demand from AI-powered data centers, YMTC's revenue exceeded 20 billion yuan ($2.9 billion) in the first quarter of 2026, doubling year-on-year.