Yangtze Memory Technologies Co, China’s largest maker of NAND flash memory, has put its Shanghai initial public offering on hold, Reuters reported, citing an internal company note to staff and people with knowledge of the matter. Its parent CCSH Corporation filed in August to raise 33 billion yuan, or 4.9 billion dollars, on the STAR Market, and the strategic share placement had been planned for late October and early November; two of the people said the delay could last several months and that a listing in the first half of 2027 is now likely, subject to market conditions, while the exchange website still shows the application at the inquiry stage.
Reuters linked the hold to tighter regulatory scrutiny of share sales as markets weakened, reporting that the China Securities Regulatory Commission has given investment banks informal guidance to slow initial public offerings by AI and chip companies. The CSI300 index fell 8.5 percent in October, its worst month in more than a decade, and the STAR50 index of Shanghai listed chip and AI firms is down 40 percent from its July peak, Reuters said.