New Progress in YMTC's IPO! CSRC Discloses First Phase of Listing Coaching, Coaching Team Announced
The CSRC has disclosed the first phase of coaching for YMTC's IPO. Filing was completed on May 19, with CITIC Securities Co., Ltd. and CSC forming a 31-member team to conduct the coaching. Key tasks included advancing due diligence, improving corporate governance and internal control systems, and urging the study of relevant laws and regulations. Currently, issues such as the need for further improvement in governance structure exist. In the next phase, the team will collaborate with intermediaries to conduct in-depth checks on standardized operations
According to disclosures on the official website of the China Securities Regulatory Commission (CSRC), on July 10, the report on the progress of the initial public offering (IPO) and listing coaching work (Phase I) for Yangtze Memory Technologies Corp. (hereinafter referred to as "YMTC") was released.
On May 19, YMTC completed the filing for IPO coaching. The coaching institutions are CITIC Securities Co., Ltd. and CSC. YMTC is the only domestic integrated device manufacturer (IDM) with independent research and development and production capabilities for 3D NAND flash memory.
YMTC IPO Coaching Team Revealed
The first phase of YMTC's IPO coaching took place from May 19 to June 30. As coaching institutions, CITIC Securities Co., Ltd. and CSC jointly dispatched a 31-member coaching team. The team conducted coaching for YMTC through methods such as on-site due diligence, organizing centralized lectures, and communicating on specific issues.
The main content of the first phase of YMTC's IPO coaching work included two aspects.
First, the coaching team continued to advance due diligence work, sorting out and tracking YMTC's corporate governance and standardized operation status to gain a more systematic and in-depth understanding of YMTC's basic situation and business development status.
In response to deficiencies in YMTC's standardized operations, the coaching team proposed improvement suggestions, guided and promoted YMTC to effectively implement improvement measures and carry out standardization plans.
Second, the coaching team arranged and urged YMTC to focus on studying laws and regulations such as the "Company Law of the People's Republic of China" and the "Securities Law of the People's Republic of China," continuously conveying to YMTC the latest regulatory requirements and review dynamics of the securities market.
Through centralized lectures and individual Q&A sessions, the coaching team helped YMTC and the personnel receiving coaching master the statutory conditions for listing, review concepts, review processes, and related regulatory knowledge, urging them to deeply understand the requirements for issuance and listing, standardized operations, and other aspects.
Disclosure of Existing Issues in IPO Coaching and Next Steps
Currently, there are two main issues in YMTC's IPO coaching.
First, the coaching team will, in accordance with the requirements for listed companies, further urge YMTC to improve its corporate governance and internal control systems. In collaboration with securities service institutions, the team will sort out and verify YMTC's corporate governance structure and standardized operation status based on the results of comprehensive due diligence, promptly identify problems, and provide solutions to ensure that YMTC's governance structure is sound, internal controls are effectively designed, and execution is in place.
Second, in accordance with the regulatory requirements of the CSRC and stock exchanges regarding information disclosure of shareholders of companies undergoing initial public offerings, the coaching team is advancing the look-through verification of shareholder eligibility for YMTC, with the cooperation of YMTC and its shareholders.
Given the significant workload involved in obtaining look-through verification materials from YMTC's shareholders, the coaching team will work closely with securities service institutions and communicate fully with YMTC's shareholders to continuously advance the look-through verification of YMTC's shareholders and implement relevant regulatory requirements.
The next phase of YMTC's IPO coaching work mainly involves two aspects.
First, the coaching team will continue to conduct due diligence and coaching standardization work for YMTC. For problems identified during the work, the team will timely coordinate discussions among various intermediaries and YMTC, study and determine standardization plans, and urge YMTC to seriously implement rectification requirements.
At the same time, the coaching team will continue to urge YMTC to improve its corporate governance and internal control systems, raising the level of standardized operations.
Second, the coaching team will timely and continuously convey the latest regulatory normative documents for listed companies to the personnel receiving coaching, actively urge them to undergo comprehensive learning and training on regulatory knowledge, and urge them to deeply understand the laws, regulations, and rules regarding issuance and listing and standardized operations. They will be made aware of their responsibilities and obligations in information disclosure and fulfillment of commitments, fostering integrity, self-discipline, and rule-of-law awareness for entering the securities market.
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