YMTC Wuhan · 长江存储

Yangtze Memory Technologies Co. (YMTC) | Memory

China’s only advanced 3D NAND producer at national/global scale — founded by Tsinghua Unigroup with $24B in state-linked investment, YMTC reached 128-layer…
Published

October 11, 2026

TipWhy This Matters

China’s only advanced 3D NAND producer at national/global scale — founded by Tsinghua Unigroup with $24B in state-linked investment, YMTC reached 128-layer 3D NAND with its own Xtacking architecture before being added to the US Entity List. Filed for a STAR Market IPO in August 2026, with sources disagreeing sharply on valuation — Caixin reported a potential valuation of at least ¥1 trillion ($148B), while other reporting cited a lower $23.6-44.2B range; this tracker states both rather than picking one.

Chinese name: 长江存储 (Chángjiāng Cúnchǔ)

What does this facility make?

3D NAND flash memory chips using XTacking wafer-bonding architecture, plus packaged memory chips and SSDs.

Why does it matter?

The clearest case of a Chinese chipmaker reaching a genuinely globally competitive memory technology (Xtacking) before US export controls specifically targeted it. BIS cited YMTC’s NAND supply to Huawei, and YMTC’s earlier addition to BIS’s Unverified List without cooperating on an end-use check within the required window, as grounds for the December 2022 Entity List action — this was distinct from the 2023 Huawei Mate 60 Pro teardown, whose memory chips were later identified as SK Hynix parts, not YMTC’s. Combined NAND capacity across YMTC’s lines was reported around 300,000 wafers/month in 2026.

Key Facts

Company Yangtze Memory Technologies Co. (YMTC)
Type Memory
Category State-Backed
Capability 3D NAND flash memory, XTacking architecture
Status Operational
Capacity 150,000 wafers/month (300mm), as of 2026-07 — two Wuhan fabs combined, installed; Fab 3 ramping 2H 2026, full-load total >170,000
Investment $24,000M
Funding Source Big Fund I
Location Wuhan, Hubei
Current Node 128-layer 3D NAND (Xtacking 2.0)
Entity List Yes — US Commerce BIS (15 Dec 2022)
Equipment Origin Not yet assessed
Last Verified Not recorded (newest source dated Sep 2026)

Technical Complexity

4.4/5

Technology Node Trajectory

  • 2017: 32-layer 3D NAND
  • 2020: 128-layer 3D NAND (Xtacking 2.0)

Project Timeline

  • Jul 2016 — YMTC founded by Tsinghua Unigroup with Hubei provincial and Big Fund backing, $24 billion planned investment
  • Apr 2020 — YMTC introduces 128-layer 3D NAND using Xtacking 2.0 architecture
  • Dec 2022 — Added to the US Commerce Department’s Entity List
  • Sep 2025 — Third-fab JV company 长存三期（武汉）集成电路有限责任公司 registered with ¥20.72 billion capital — YMTC 50.19%, an Hubei/Wuhan state-vehicle consortium 49.81%
  • Apr 2026 — Fab 3 building reported complete with over 50% of equipment domestic (including bonding/stacking tools); planned capacity ~100,000 wafers/month, mass production targeted for H2 2026 and a reported ramp toward ~50,000/month in 2027 (Reuters)
  • Aug 2026 — Completes pre-IPO regulatory tutoring, clearing a procedural hurdle toward a Shanghai STAR Market listing
  • Aug 2026 — STAR Market accepts YMTC’s formal IPO application (acceptance alone does not guarantee listing approval); plans to raise approximately ¥33 billion by issuing 1.98-2.43 billion shares

Sources

Back to Map