Major Progress in IPO Preparations for Memory Giant YMTC

Following Changxin Technology, another memory chip giant attracting significant market attention, Yangtze Memory Technologies Co., Ltd. (hereinafter referred to as "YMTC"), has seen its IPO tutoring status change to "Tutoring Acceptance." The lead tutoring securities firms are CITIC Securities Co., Ltd. and CSC.

As the leader in China's 3D NAND flash sector, the completion of this tutoring acceptance signifies that YMTC has achieved important phased progress in its listing preparations.

At the market level, YMTC's competitiveness is accelerating. Data for the second quarter of 2026 released by market research firm Counterpoint shows that YMTC's market share in the global NAND flash market, measured by shipment volume, has entered the global top three for the first time. This marks a historic breakthrough in the market position of Chinese memory chip enterprises.

According to the "Report on the Completion of Tutoring Work for the Initial Public Offering and Listing of Yangtze Memory Technologies Co., Ltd." signed on August 19, CITIC Securities and CSC separately signed tutoring agreements with the company on May 19, 2026. They carried out tutoring work in accordance with relevant regulations, such as the "Regulations on Supervision of Tutoring for Initial Public Offerings and Listings," and the terms of the tutoring agreements.

From the filing of the tutoring record on May 19, 2026, to the date of this report, the tutoring institutions conducted the first phase of tutoring work. They submitted the "Report on the Progress of Tutoring Work for the Initial Public Offering and Listing of Yangtze Memory Technologies Co., Ltd. (Phase I)" to the Hubei Regulatory Bureau of the China Securities Regulatory Commission. The tutoring period ran from May 19, 2026, to June 30, 2026.

During the tutoring period, the tutoring working group, together with the company's management, analyzed industry development trends, the company's competitive advantages, and future development plans. They assisted the company in researching and determining the specific uses and scale of the funds to be raised in this initial public offering and listing.

Meanwhile, the tutoring institutions promoted the implementation of state-owned shareholder identification matters for the company and its relevant shareholders. In June 2026, the Administrative Committee of Wuhan East Lake High-Tech Development Zone issued the "Approval on the Identification of State-Owned Shareholders of Yangtze Memory Technologies Co., Ltd.," agreeing to label the securities accounts of the company's relevant state-owned shareholders as "SS."

Regarding the effectiveness of the tutoring work, the report stated that, with the active cooperation of the tutored entity and personnel receiving tutoring, the work progressed smoothly. All tasks were carried out according to the tutoring plan and implementation scheme, which were well executed.

The tutoring institutions believe that YMTC possesses the corporate governance structure, accounting foundation, and internal control systems required of a listed company, and has a thorough understanding of the characteristics and attributes of various segments of the multi-tiered capital market. The tutored entity, along with its directors, senior management, and shareholders holding more than 5% of the shares (or their legal representatives), has fully mastered the laws, regulations, and rules regarding issuance, listing, and standardized operations. They are aware of their responsibilities and obligations concerning information disclosure and commitment fulfillment, establishing a sense of integrity, self-discipline, and rule of law for entering the securities market.

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