Yangtze Memory Technologies Valuation, Funding & Investors

Yangtze Memory Technologies is valued at $23B as of December 2023.

Last Yangtze Memory Technologies valuation

$23B

Undisclosed stage · Dec 2023

Last Yangtze Memory Technologies funding round

$224M

Undisclosed stage · Dec 2023

Cumulative funding Yangtze Memory Technologies raised

$7.3B

across 2 funding rounds

Key investors in Yangtze Memory Technologies

  • China Integrated Circuit Industry Investment Fund (CICF)
  • Changjiang Industrial Investment Group
  • Hubei Changsheng Development
  • Wuhu Wenming Quanhong Investment Management

Yangtze Memory Technologies Overview

About Yangtze Memory Technologies

Yangtze Memory Technologies is a Wuhan-headquartered integrated device manufacturer of 3D NAND flash memory. Established in 2016, it produces Xtacking architecture chips for smartphones, data centers, and SSDs, with R&D centers in Shanghai, Beijing, Silicon Valley, and Tokyo. Backed by Tsinghua Unigroup, it operates a massive fab in Wuhan for global supply.


Founded

2016

HQ

ChinaWuhan

Website

ymtc.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$23B (Dec 2023)

Yangtze Memory Technologies Valuation

Yangtze Memory Technologies is currently valued at $23B, based on its undisclosed-stage round in December 2023.

The $224M round was led by Wuhu Wenming Quanhong Investment Management.

Yangtze Memory Technologies valuation by funding round

Yangtze Memory Technologies valuation by funding round
DateStageValuation
Dec 2023Undisclosed stage$23B

Yangtze Memory Technologies Funding History

Yangtze Memory Technologies has raised a total of $7.3B across 2 funding rounds.

Yangtze Memory Technologies' first fundraising round was a $7.1B undisclosed-stage round in March 2023. The most recent completed round was a $224M undisclosed-stage round in December 2023.

Yangtze Memory Technologies funding rounds

Yangtze Memory Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2023Undisclosed stageWuhu Wenming Quanhong Investment Management (lead)$224M$23BYangtze Memory Technologies Co. (YMTC) is China's leading NAND flash memory chipmaker, founded in 2016 and based in Wuhan. The company specializes in designing and manufacturing 3D NAND flash memory chips, positioning itself as China's sole participant in the global NAND memory market and a critical component of the country's semiconductor supply chain independence strategy. YMTC develops advanced memory technologies including fourth-generation and fifth-generation 3D TLC NAND flash with increasingly higher layer counts. In December 2023, Hebei Yangyuan Zhihui Beverage Co. invested 1.6 billion yuan (approximately US$219 million) through its subsidiary Wuhu Wenming Quanhong Investment Management to subscribe to YMTC's new registered capital, resulting in a 0.99 percent holding. This investment, announced via Shanghai Stock Exchange filing in January 2024, valued YMTC at 161 billion yuan (US$22.1 billion). The deal was initially kept confidential due to involvement of commercial secrets. Following this investment, Yangyuan became the eighth-largest shareholder, while seven state-owned organizations held the majority stake, including Hubei Changsheng Development (26.9 percent) and Wuhan Xinfei Technology Investment backed by China's Big Fund (25.7 percent). Financial disclosures accompanying the investment revealed mixed performance: YMTC reported a loss of 84 million yuan during the first nine months of 2024, reversing a profit of 531 million yuan for the full year 2023. Net assets stood at 134.7 billion yuan at the end of September 2024, up from 132.6 billion yuan at the end of 2023. The company continued to operate under substantial state support, with multiple government-backed investment vehicles maintaining controlling stakes to advance China's domestic semiconductor capabilities.
Mar 2023Undisclosed stageChina Integrated Circuit Industry Investment Fund (CICF); Hubei Changsheng Development; Changjiang Industrial Investment Group$7.1B-Yangtze Memory Technologies Co (YMTC) is a Chinese semiconductor company founded in July 2016 that designs and manufactures NAND flash memory chips and solid-state drives for mobile, consumer electronics, data center, and enterprise applications. The company developed the proprietary Xtacking architecture and operates as part of China's broader strategy to build domestic semiconductor capabilities. In early 2023 (around March), YMTC received a $7.1 billion (49 billion yuan) capital injection from three state-backed investors: the China Integrated Circuit Industry Investment Fund (also known as the Big Fund, contributing approximately $1.9 billion), Changjiang Industry Investment Group, and Hubei Changsheng Development. This injection doubled YMTC's registered capital to over 105 billion yuan. The investment came as the company faced significant challenges, including placement on a U.S. export control list in December 2022, which restricted access to leading-edge chip manufacturing equipment, and a broader oversupply in the memory sector that led YMTC to implement workforce reductions of 10 percent in January 2023. Despite these headwinds, YMTC continued to receive substantial state support as part of China's effort to develop independent semiconductor production capabilities amid U.S.-China technology tensions.

Who has invested in Yangtze Memory Technologies?

4 investors have backed Yangtze Memory Technologies across its funding rounds, including China Integrated Circuit Industry Investment Fund (CICF), Changjiang Industrial Investment Group, Hubei Changsheng Development and Wuhu Wenming Quanhong Investment Management.

Lead investors include Wuhu Wenming Quanhong Investment Management.


Yangtze Memory Technologies Investors

Investors in Yangtze Memory Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
China Integrated Circuit Industry Investment Fund (CICF)ChinaBeijing1ParticipantMar 2023
Wuhu Wenming Quanhong Investment ManagementChinaChina1LeadDec 2023

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Yangtze Memory Technologies Competitors

Yangtze Memory Technologies competitors include listed companies like Longsys, Nan Ya Printed Circuit, Accelink and Aspeed Technology, and private ones like Etched and UNISOC.

Public and private companies comparable to Yangtze Memory Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LongsysChinaChinaPublicly listed$3.4B$355M$22B3.3x
Nan Ya Printed CircuitTaiwanTaiwanPublicly listed$1.3B$285M$22B12.6x
AccelinkChinaChinaPublicly listed$1.8B$213M$24B9.3x
Aspeed TechnologyTaiwanTaiwanPublicly listed$285M$158M$24B49.0x
EtchedUnited StatesCupertino, CAPrivate--$21B-
UNISOCChinaShanghaiPrivate--$9.1B-

Yangtze Memory Technologies Public Comps

Yangtze Memory Technologies is still privately-owned, but its public comps include Longsys, HKC Corp, VAT Group, Nan Ya Printed Circuit, Accelink, Aspeed Technology, TD Synnex, Winbond, Tower Semiconductor and DapuStor.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Longsys$3.4B$355M7.1x3.3x68.3x8.3x
HKC Corp$6.1B$1.7B4.2x-15.4x-
VAT Group$1.3B$375M16.9x14.2x58.7x43.8x
Nan Ya Printed Circuit$1.3B$285M16.9x12.6x74.6x38.7x
Accelink$1.8B$213M12.8x9.3x107.1x69.5x
Aspeed Technology$285M$158M82.7x49.0x149.1x87.4x
TD Synnex$63B$1.4B0.4x0.3x17.5x10.3x
Winbond$2.8B$575M8.7x3.5x42.7x6.5x

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Common questions about Yangtze Memory Technologies

When was Yangtze Memory Technologies founded?Yangtze Memory Technologies was founded in 2016.
Where is Yangtze Memory Technologies headquartered?Yangtze Memory Technologies is headquartered in Wuhan, China.
Is Yangtze Memory Technologies publicly listed?No, Yangtze Memory Technologies is a private, VC-backed company.
What is Yangtze Memory Technologies' valuation?Yangtze Memory Technologies was last valued at $23B in its undisclosed-stage round in December 2023.
How much funding has Yangtze Memory Technologies raised?Yangtze Memory Technologies has raised $7.3B across 2 funding rounds.
What was Yangtze Memory Technologies' last funding round?Yangtze Memory Technologies' last funding round was a $224M undisclosed-stage round in December 2023, led by Wuhu Wenming Quanhong Investment Management.
Who are Yangtze Memory Technologies' investors?Yangtze Memory Technologies' investors include China Integrated Circuit Industry Investment Fund (CICF), Wuhu Wenming Quanhong Investment Management, Hubei Changsheng Development and Changjiang Industrial Investment Group.
Which companies are comparable to Yangtze Memory Technologies?Companies comparable to Yangtze Memory Technologies include Longsys, Nan Ya Printed Circuit, Accelink, Aspeed Technology, Etched and UNISOC.

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