Business · Companies · 20 hrs ago
NAND makers pause or reconsider planned stock listings
Several major NAND flash makers have delayed or reconsidered stock listings as market conditions become harder to predict.
SK Hynix has stopped reviewing a pre-IPO fundraising and listing for its US subsidiary, Solidigm.
YMTC’s parent company has temporarily paused plans for a $4.9 billion listing in Shanghai.
Japan’s Kioxia is considering a US listing next year, but has not settled its timing or format and may stop the plan.
NAND chips store data in devices such as phones and computers, as well as in data centres.
AI investment is lifting demand for data-centre SSDs, while consumer NAND demand is weaker and prices for some general-purpose products have stalled.
The market outlook remains divided, and NAND supply, prices and financial-market conditions will affect whether the companies proceed and how they fund investment.
NAND makers Solidigm and YMTC’s parent have paused listing plans, while Kioxia’s planned US listing remains uncertain.
SK hynix stopped reviewing a pre-IPO fundraising and IPO for its US subsidiary Solidigm on Oct. 23.
YMTC parent Changjiang Chunqiu Holdings reportedly put its planned $4.9 billion Shanghai listing on hold.
The companies face differing market conditions: demand for enterprise SSDs is strong, while consumer NAND demand is weaker.
Analysts differ on whether NAND supply shortages will persist or ease as production capacity expands.
- Who
- Solidigm, YMTC parent Changjiang Chunqiu Holdings, and Kioxia.
- What
- Solidigm stopped reviewing a pre-IPO and IPO, and YMTC’s parent reportedly paused its listing process. Kioxia’s planned US listing remains uncertain.
- When
- Solidigm’s decision was made on Oct. 23. YMTC’s parent recently paused its process, according to the article published Nov. 7.
- Where
- The proposed listings are in Shanghai and the United States.
- Why
- Market conditions, stock performance, and differing NAND supply and demand outlooks have complicated listing and investment plans.
This story does not have two clearly opposing sides.
Changjiang Chunqiu Holdings applied to list in Shanghai, planning to use proceeds for production-line improvements and research and development.
Kioxia said the timing and method of a planned US listing had not been decided and that it could halt the plan depending on circumstances.
SK hynix decided to stop reviewing a pre-IPO and IPO for Solidigm.
Reuters reported that Changjiang Chunqiu Holdings had put its Shanghai listing process on hold.
- Solidigm
- SK hynix’s US subsidiary, formed after the 2021 acquisition of Intel’s NAND flash and SSD business
- Changjiang Chunqiu Holdings
- Planned Shanghai listing of $4.9 billion
- Kioxia
- Considering a US listing next year
- Enterprise SSDs
- Demand remains strong amid AI infrastructure investment
- Consumer NAND
- Demand from smartphone and PC markets is relatively weak
- 128Gb MLC NAND
- Average spot price was $50.90 on Oct. 26 and $51.10 on Nov. 2
1 source
What people are saying
The NAND and DRAM markets are currently quite different.
NAND has many competitors, as the DRAM market did in the past, and quite a few suppliers can already provide products at low prices.
Since investment in factory expansion is relatively cautious compared with DRAM, we need to watch the market situation more closely.