Yangtze Memory Technologies Holdings, China’s NAND flash memory maker, has had its application to list on Shanghai’s STAR Market accepted. The company plans to raise RMB33 billion (US$4.9 billion), which would make the offering one of the largest in the market.
The proceeds are expected to support production-line upgrades and research and development. Acceptance moves YMTC into a formal IPO process but does not mean that the company has received final listing approval. [Reuters, National Business Daily, in Chinese]