---
date: 2026-05-19
subject: "YMTC starts STAR IPO coaching | Kimi $2B round adds China Mobile | Horizon open-sources HoloMotion-1"
---


**YMTC filed IPO coaching paperwork** with the Hubei CSRC branch using CITIC Securities as sponsor, ahead of a planned mid-June 2026 STAR Market submission, with Q1 2026 revenue reported above 20 billion yuan and global NAND share near 13% in Q3 2025. **China Mobile and Guozhi Invest joined** Moonshot AI's near-final $2 billion round alongside Beijing AI Fund, lifting the Kimi developer's six-month cumulative raise above $3.9 billion and its valuation to more than four times its November 2025 mark of roughly $4.3 billion. **CXMT's May 17 prospectus update projects** first-half 2026 attributable net profit of 50 to 57 billion yuan against Q1 2026 revenue of 50.8 billion yuan, with TMTPost calling the planned STAR listing China's largest chip IPO.

# 1. Top Stories

- **Entity-listed NAND IDM YMTC opens STAR Market IPO process with Hubei CSRC coaching filing** — Yangtze Memory Technologies registered IPO coaching with the Hubei branch of the China Securities Regulatory Commission, with CITIC Securities as coaching sponsor, ITHome reported citing the CSRC website. The filing shows no controlling shareholder; largest holder Hubei Changsheng Development Co. directly holds 26.5442% and is wholly owned by the Wuhan East Lake High-Tech Zone administrative committee. YMTC plans to submit STAR Market IPO materials by mid-June 2026, Reuters previously reported. Q1 2026 revenue topped 20 billion yuan, up about 100% year over year, with global NAND share at roughly 13% in Q3 2025. [ITHome](https://www.ithome.com/0/952/367.htm) [govt]
- **Central SOE China Mobile and state fund Guozhi Invest join Moonshot's near-final $2 billion Kimi round** — State-backed institutions including Guozhi Invest, Beijing AI Fund and central SOE China Mobile have entered Moonshot AI's latest cap table, ITHome reported on Tuesday, citing Cailian Press-affiliated STAR Board Daily. The financing, in final stages, totals roughly $2 billion (about 13.625 billion yuan), bringing Moonshot's cumulative six-month raise above $3.9 billion (37.6 billion yuan). The latest valuation is more than four times the company's roughly $4.3 billion mark in November 2025. The Composer 2.5 product built on Moonshot's Kimi K2.5 model was integrated into the Cursor coding application the same day. [ITHome](https://www.ithome.com/0/952/336.htm) [state-affiliated]
- **CXMT STAR Market IPO ranks as China's largest chip listing at roughly 400 million yuan in daily earnings** — Changxin Memory Technologies' planned STAR Market listing ranks as China's largest chip IPO by size, with an implied earnings rate near 400 million yuan per day based on its half-year profit projection, TMTPost said. CXMT's May 17 prospectus update projected first-half 2026 attributable net profit of 50 to 57 billion yuan against Q1 2026 revenue of 50.8 billion yuan. The TMTPost headline labels CXMT "compute Moutai," a nickname referencing Kweichow Moutai's premium-pricing reputation. [TMTPost](https://www.tmtpost.com/7992602.html)
- **Chinese OSAT firms in 'frenzied' capex cycle, packaging and testing equipment lead times now exceed 12 months, TMTPost says** — Chinese OSAT (outsourced semiconductor assembly and test) firms are pushing through what TMTPost calls a "frenzied" capacity expansion phase. Available factory buildings are being snapped up by OSAT operators. Packaging and testing equipment lead times now exceed 12 months. [TMTPost](https://www.tmtpost.com/7992552.html)
- **Horizon Robotics open-sources HoloMotion-1, a 400 million parameter humanoid control model running at 300 FPS on edge devices** — Horizon Robotics Lab released and open-sourced HoloMotion-1 on May 18, a 400 million parameter "cerebellum" model built for whole-body control of humanoid robots, ITHome reported. The model combines mixture-of-experts sparse activation with KV-cache inference to deliver roughly 300 FPS edge inference, far above the typical 50 Hz humanoid control rate. Training data spans recovered internet videos, optical motion capture, VR teleoperation and inertial motion capture, with the team demonstrating zero-shot transfer for dance, crawling, fitness and box-moving tasks. Code is published in the HorizonRobotics/HoloMotion GitHub repository, weights on Hugging Face, with the technical report posted on arXiv. [ITHome](https://www.ithome.com/0/952/354.htm)

# 2. AI & Foundation Models

- **Alibaba Cloud holds 38.1% of China's 56.7 billion yuan AI cloud market, ahead of the next three vendors combined** — Omdia's "China AI Cloud Market Share 2025" report put the Chinese AI cloud market at 56.7 billion yuan in 2025, with Alibaba Cloud at 38.1% in first place, Leiphone reported on May 19. Volcano Engine, Baidu Cloud, Tencent Cloud and Tianyi Cloud followed in second through fifth, with the top five collectively above 80% of the market. AI IaaS accounted for about 69% of the total and MaaS about 31%, with MaaS further divided between Model Production Service and token-based Model Consumption Service. Alibaba Cloud's share rose from 35.8% in the first half of 2025 to 38.1% in the full-year reading. [Leiphone](https://www.leiphone.com/category/industrynews/XiAlt8gfPDXIbTgO.html)
- **Baidu Q1 2026 AI business revenue hits 13.6 billion yuan, or 52% of Baidu Core revenue** — Baidu's Q1 2026 results on May 18 showed total revenue of 32.1 billion yuan and Baidu Core revenue of 26 billion yuan, up 2% year over year, Leiphone reported. AI business revenue reached 13.6 billion yuan, or 52% of Baidu Core, the first quarter the AI mix passed half of Baidu Core. AI Cloud revenue rose 79% year over year to 8.8 billion yuan, with GPU cloud revenue up 184%. Baidu said its Kunlun P800 chip completed large-scale validation and was delivered into multiple 10,000-GPU clusters. [Leiphone](https://www.leiphone.com/category/industrynews/WJpPWsLeXYUvPFEn.html)
- **Moore Threads pitches a 'cloud-edge-device' compute matrix at May 18 launch, spanning a 10,000-GPU cluster and Changjiang SoC terminals** — Moore Threads held its annual product launch in Beijing on May 18 under the theme "Token Era, Universal Intelligence," CSDN AI reported. The vendor laid out a full-stack cloud-edge-device intelligent compute matrix, anchored on a 10,000-GPU-scale KUAE cluster on the cloud side and its self-developed Changjiang SoC powering the MTT AICUBE and MTT AIBOOK terminals. Moore Threads said the KUAE cluster has hit 60% model FLOPS utilization on dense large language model training and 40% on mixture-of-experts models, with 90% effective training uptime and 95% linear scaling efficiency. The launch follows Moore Threads' May 17 confirmation as a co-construction partner of the Hangzhou National Embodied AI Pilot Base. [CSDN AI](https://blog.csdn.net/csdnnews/article/details/161203979)

# 3. Robotics & Autonomous Systems

- **Matrix Intelligence targets 100,000 humanoid units of annual capacity by 2027 under a Tesla China alumni-led team** — Matrix Intelligence said at its 2026 AI DAY in Shanghai's Zhangjiang Park on May 18 that it is targeting 100,000 humanoid units of annual capacity by 2027, Leiphone reported. The company is led by Zhang Haixing, former founding leader of Tesla's China Design Research Center. Its flagship MATRIX-3 humanoid stands 170 cm tall and weighs 65 kg, with a self-developed MATRIX HAND dexterous manipulator and a generalized brain running on the company's WAVE physical foundation model. The MATRIX-3 was demonstrated performing live tasks at the May 18 event. [Leiphone](https://www.leiphone.com/category/industrynews/tcrIrCwMIDSjCxgO.html)
- **Shanghai CAC clears Zhiyuan WITA as China's first registered embodied AI interaction large language model** — The Shanghai Cyberspace Administration of China registered Zhiyuan's WITA (Silicon Light Motion Language) large language model on May 18, the first embodied AI interaction LLM cleared under the national generative AI registration regime, CSDN AI reported. WITA underpins Zhiyuan's "Three Intelligences in One" product architecture covering motion, interaction and task intelligence, and is targeted at humanoid robot interaction scenarios. Zhiyuan declared 2026 the "Deployment Era Year One" at its APC2026 partner conference on April 17. Zhiyuan said it plans to release WITA Omni 1.0, an end-to-end multimodal interaction model compressing latency below 500 ms, in the third quarter of 2026. [CSDN AI](https://blog.csdn.net/csdnnews/article/details/161202688) [govt]