Yangtze Memory Technologies Holdings has had its application to list on Shanghai's STAR Market accepted, per Reuters, and plans to raise 33 billion yuan ($4.9 billion) in one of the largest offerings on the exchange's technology board. YMTC is the mainland's main producer of NAND flash memory, the storage chips used in phones, laptops and data center servers. Proceeds are earmarked for production line upgrades and research and development. Acceptance starts a formal review and does not amount to listing approval. The company entered IPO counseling in May, and the Shanghai Stock Exchange said on Aug. 22 that it had accepted the application.
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Chief Executive Eddie Wu said on Aug. 20 that the company's second generation T-Head chip should begin tape-out and enter production in the second half of this year, per TechNode. Tape-out is the point at which a finished chip design goes to the factory. Alibaba said the part will compute faster and move data between chips more quickly, and that it can carry large language model training. Its existing Zhenwu chip line had served more than 650 customers through Alibaba Cloud by early August. Capital spending in the June quarter rose 75% to 67.68 billion yuan (about $10 billion), mostly on AI infrastructure, while net income attributable to ordinary shareholders fell 76%.
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Zheng Yongnian, dean of the school of public policy at the Chinese University of Hong Kong, Shenzhen, said U.S. attempts to build AI supply chains without China will not work, the South China Morning Post reported. He spoke Sunday by video to a conference at South China University of Technology. Pax Silica, the framework Washington set up in December to secure AI supply chains, along with the chip and rare earth alliances, "explicitly target a third party, which is bound to fail," he said. He urged the two governments to cooperate on global economic development instead. Zheng also said cutting U.S. companies off from low cost Chinese models would damage their commercial interests, and that American vendors sell expensive closed source models better suited to wealthy economies such as Japan and South Korea.
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The Shanghai Municipal People's Government has issued its five year plan for accelerating new industrialization and building a modern industrial system, covering 2026 to 2030, per Jiemian. It directs the city to build a tiered intelligent computing network that coordinates compute, transmission and storage, to consolidate existing resources in priority areas and to deploy large intelligent compute clusters. Edge computing nodes are to be added as needed, with resources tied together through a municipal platform that schedules intelligent computing. The plan also tells Shanghai to lead the country on commercial 6G deployment and to become a "satellite internet city."
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