The brief

Analyst view

• About 14% of global NAND shipments in Q2 2026, third behind Samsung and SK hynix.
• Mass-produces 267-layer NAND with its Xtacking 4.0 design; products above 300 layers in development.
• Passed IPO coaching in Aug 2026; plans to raise about ¥33B on Shanghai's STAR Market, listing targeted H1 2027.

Technical approach

As reported

Xtacking

Logic and memory built apart, then bonded

Control circuits and memory cells are made on separate wafers, then bonded face to face with millions of tiny metal links.

Layers

Taller stacks of cells

Memory cells are stacked vertically; 267 active layers today, with 300+ in development, to fit more bits per chip.

Supply chain

Working around US export limits

Cut off from US tools and parts since 2022, it leans on domestic equipment and capacity growth inside China.