China Chipmaker YMTC Seeks to Raise $4.9 Billion in Shanghai IPO

Chinese chipmaker Yangtze Memory Technologies Co., known as YMTC, plans to raise 33 billion yuan ($4.9 billion) in a Shanghai initial public offering, following in the footsteps of rival CXMT Corp.'s near-record share sale. The move marks a significant capital raise for the memory chip sector amid ongoing geopolitical tensions and domestic competition.