Yangtze Memory Technologies Co. (YMTC) aims to become the world's largest NAND flash memory maker by the end of 2027, the company told investors and stakeholders at a recent meeting in preparation for its initial public offering (IPO), according to people familiar with the matter. YMTC filed its IPO application last week, seeking to raise 33 billion yuan (about $5 billion) to upgrade production facilities and for research and development, according to a prospectus published on the Shanghai Stock Exchange's website. The prospectus shows that the company's operating revenue in the first quarter was 47 billion yuan, and net profit was 33 billion yuan, more than double the total for the entire year of 2025. YMTC has not yet determined a timetable for its listing, and its market value is expected to exceed 1 trillion yuan after trading begins, making it China's second-largest IPO this year.