Tech war: China’s top memory chip maker YMTC gets US$7 billion from state-backed investors
The investment has doubled YMTC’s registered capital to over 105 billion yuan, showing Beijing’s support of the Wuhan-based companyOne of the investors was the Big Fund, China’s primary financing vehicle for home-grown chip start-ups and semiconductor-related enterprisesUS-China tech warAnn Caoin ShanghaiPublished: 8:00pm, 2 Mar, 2023Why you can trust SCMP
China’s top memory chip maker Yangtze Memory Technologies Co (YMTC), which was added to a US trade blacklist last year, has received a US$7 billion capital boost from state-backed investors, in a sign that Beijing is doubling down on its efforts to shore up domestic chip production amid growing tensions with the US.
The three latest investors recently injected 49 billion yuan (US$7.1 billion) into YMTC, doubling its registered capital to over 105 billion yuan, according to data from Chinese business registry platform Tianyancha.
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