Chinese chipmaker YMTC puts IPO on hold as weaker markets weigh, sources say

Chinese flash-memory chipmaker Yangtze Memory Technologies Co has put its Shanghai IPO on hold, according to a company memo and people with knowledge of the matter, as regulators tighten approval for share sales in a struggling stock market.

CCSH Corporation, the parent of Chinese flash-memory chipmaker YMTC, filed for its initial public offering (IPO) in August on Shanghai’s Nasdaq-style STAR market, aiming to raise 33 billion yuan ($4.9 billion).

The company, one of China’s chip champions that Beijing needs for technological self-reliance, was planning to kick off strategic share placement for the IPO in late October and early November.