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Market Chatter: YMTC Nears China IPO, Joining Rival CXMT

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Chip company Yangtze Memory Technologies, or YMTC, completed its pre-listing tutoring and was deemed to meet listing standards on corporate governance, accounting and internal controls, Bloomberg News reported Wednesday, citing a report on the China Securities Regulatory Commission's website.

YMTC is now poised to follow ChangXin Memory Technologies (SHA:688825) or CXMT, according to the report.

CXMT raised 66.6 billion yuan last month, marking China's second-largest mainland initial public offering, Bloomberg said.

CITIC Securities and CSC Financial handled YMTC's tutoring process, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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