China Capital Markets Weekly: A Memory Giant Enters the IPO Queue

Weekly dashboard

Review activity at a glance

1
New acceptances: 9
Published responses: 5
Committee passes: 4
Registration results

Four registration outcomes include Lieqi Intelligent's approval dated August 18 and publicly available in this period. A later attachment update is not a second result.

Executive summary

This week in focus

Yangtze Memory’s STAR Market application leads a week of nine inquiry responses and five committee passes. Two Shanghai exchange operating guides also changed on August 21: bond trading and public REITs continuing operations. These are effective operational updates, not changes to IPO admission standards.

Contents

Yangtze Memory Technologies Holding’s proposed CNY33 billion STAR Market fundraising led a week that also produced nine inquiry responses, five successful listing-committee hearings and a CSRC market-manipulation penalty involving approximately CNY157 million of illegal gains and CNY470 million in fines.

Two operating guides change on August 21

Shanghai’s revised bond-trading guide, effective on publication, adds transfers for market-making bonds and the disposal of pledged repo collateral, with adjustments for the new fixed-income platform. Participants should align authorization, collateral records, settlement documents and disposal procedures. A platform process does not replace the underlying legal authority to dispose of collateral.

The exchange also updated its public REITs continuing-operations guide, effective the same day. The notice describes an adaptation to the revised trading rules. The guide covers continuing operations and disclosure, not a new IPO admission standard. Its full set of existing procedures should not be presented as newly introduced provisions. Fund managers and advisers should check the current application forms, approvals and disclosure timetable.

IPO review activity

Across the Shanghai Main Board, STAR Market, Shenzhen Main Board, ChiNext and Beijing Stock Exchange, the week produced the following reconciled activity:

Event	Count
New acceptances	1
New inquiries	0
Newly published responses	9
Listing-committee hearings / approvals	5 / 5
Rejections / deferrals	0 / 0
Submissions for registration	3
Registration outcomes	4
Review terminations	2

The new responses came from Xihe Technology and Baolun Electronics in Shanghai; Jiashijia, Topsun Technology and Hengyineng in Shenzhen; and Aotu, Suxun New Materials, Xinzhanjiang and Qianjing Wuyou on the BSE. The responses addressed recurring evidence-intensive topics: technology and market positioning, revenue durability, customers and suppliers, gross margin, inventory, overseas sales, control arrangements and the reasonableness of proposed investment projects.

Keruisi and Youbang Materials passed listing-committee review and subsequently submitted for registration. Zhengdao Technology, Xinjuhong and Yuanli Optoelectronics passed BSE committee review. Registration outcomes were published for Huangguan New Materials, Kaida Heavy Industry and Anda. Lieqi Intelligent also received a CSRC registration approval dated August 18, which was available on the official website during this period. The four outcomes are counted once each; a later publication of the same approval is not a new decision. Review was terminated for Moku New Materials and Dingxi Gaoqiang. A termination is a procedural outcome and should not be described as a rejection or a finding of misconduct.

Focus filing: Yangtze Memory Technologies Holding

Yangtze Memory Technologies Holding’s prospectus was published on August 21. The company operates an integrated device manufacturer model in NAND flash memory, covering chip design, wafer manufacturing, packaging and testing, and storage-system products. Its joint sponsors are CITIC Securities and CSC Financial; its PRC counsel is AllBright Law Offices; and its reporting accountant is Deloitte Touche Tohmatsu Certified Public Accountants LLP.

The company selected the STAR Market standard requiring an expected market value of at least RMB 3 billion and most recent annual revenue of at least RMB 300 million. Its key reported figures were:

RMB billion	2023	2024	2025	Q1 2026
Revenue	18.74	45.20	63.18	47.04
Net profit attributable to the parent	-19.18	6.77	14.21	33.38
Adjusted net profit attributable to the parent	-19.36	6.23	13.31	33.17
Net operating cash flow	0.99	21.72	32.68	26.74

The proposed RMB 33 billion fundraising comprises RMB 20.8 billion for production-line technology upgrades and RMB 12.2 billion for research and development projects. The sharp change from a substantial 2023 loss to strong profitability, including Q1 2026 profit exceeding full-year 2025 profit, warrants careful analysis of the memory-price cycle, shipment volumes, capacity utilisation, inventory, impairment charges, capital expenditure and the sustainability of margins. The figures alone do not imply any reporting concern and should not be extrapolated mechanically.

Yangtze Memory: profit and cash flow across the cycle. Yangtze Memory prospectus, PDF pp. 24, 144-145; annual figures, CNY billion. — **Yangtze Memory: profit and cash flow across the cycle**Source: Yangtze Memory prospectus, PDF pp. 24, 144-145; annual figures, CNY billion.

Inquiry themes

The nine full-text responses show how business narratives are being tested against auditable evidence. Technology claims were linked to product road maps, customer adoption and independent market data. Growth claims were linked to orders, delivery, acceptance, invoicing and collection. Financial questions focused on revenue recognition, gross-margin movements, inventory, receivables, procurement pricing and overseas sales. Legal questions included control, equity pledges, joint investments, independence, horizontal competition and compliance.

Statements made by issuers in inquiry responses remain the issuers’ explanations. They should not be presented as findings or endorsements by an exchange.

Enforcement developments

In CSRC Administrative Penalty Decision No. 25 of 2026, the regulator found that four individuals manipulated relevant stocks in 2020 through concentrated trading advantages and transactions among controlled accounts. The decision confiscated illegal gains of RMB 156,779,370.92 and imposed fines of RMB 470,338,112.76. This was a final administrative penalty decision, not merely an investigation notice or prior notice.

Four regional administrative regulatory measures were also reviewed:

The Hunan CSRC office ordered an investor to repurchase 250,000 shares sold without the required prior reduction plan and surrender the price difference.
The Jiangsu CSRC office ordered a futures branch to rectify investor-suitability and recording deficiencies.
The Shaanxi CSRC office issued warning letters concerning cross-period recognition of employee compensation and related expenses.
The Zhejiang CSRC office issued warning letters concerning failure by a non-listed public company to publish its 2025 annual report as required.

The four regional actions are administrative regulatory measures. Their legal status differs from the final administrative penalty described above; the amounts and findings in that decision should not be attributed to these separate cases.

What to watch next

The next review cycle should focus on the first inquiry issued to Yangtze Memory Technologies Holding, registration progress for the approved projects, and any delayed publication of exchange disciplinary decisions or regional regulatory measures. Lieqi Intelligent’s registration approval is dated August 18; the CSRC page identifies August 21 and the archived SZSE project snapshot records an August 21 update. The later exchange attachment publication does not move the original result into the next weekly count.

Sources

Disclaimer

This article is based solely on publicly available information retrieved by August 25, 2026, with regulatory legal materials supplemented and checked on October 3, 2026. It is provided for research and general informational purposes only and does not constitute investment advice, legal advice, accounting advice, or a factual finding regarding any issuer, intermediary or individual. Public records may be updated, supplemented, corrected or withdrawn. Readers should verify all material facts against the latest original documents published by the relevant regulator, exchange or issuer.

Public sources

At the October 3, 2026 accessibility check, some BSE project and disclosure links returned redirect or access restrictions. Historical official URLs are retained for source identification, but their current accessibility could not be confirmed. The access limitation is not evidence that the underlying documents or review events did not exist.