Citrini's View: Yangtze Memory Technologies may move up its IPO to as early as December this year, competing with ChangXin Memory Technologies for liquidity.

October 18: Citrini analyst Jukan forwarded a research report from Korean brokerage Hanwha Investment stating that after on-the-ground research in China, the institution believes Yangtze Memory Technologies is more likely to list this December, rather than mid-March next year as previously projected based on CXMT's timeline. Yangtze Memory plans to raise approximately RMB 33 billion, larger than CXMT's approximately RMB 29.5 billion scale, of which about RMB 20.8 billion is intended for expanding mass production and building a third-phase production line to boost NAND market share through 2027.

Analyst Jukan noted that large IPOs will divert liquidity from existing tech stocks in the short term, and investors may sell holdings including CXMT to subscribe to the new offering. CXMT's current free float is only about 6.73%, and starting from late January 2027, shares representing approximately 2.24% of total share capital will be unlocked, estimated at about RMB 68.5 billion based on the October 16 closing price, or about RMB 94 billion if returning to the peak, creating notable free-float pressure.