Chipmaker YMTC’s IPO on hold as China tightens share sale approvals

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

CCSH Corporation, YMTC’s parent, filed for its IPO in August on Shanghai’s Nasdaq-style STAR market, aiming to raise 33 billion yuan ($4.9 billion), which would have been Asia’s second-largest equity offering this year.