BEIJING: China is pumping $1.9 billion into its top memory chipmaker, according to media reports, as US restrictions on semiconductor exports threaten Beijing’s tech ambitions.
Semiconductor manufacturer Yangtze Memory Technologies Co (YMTC) is set to receive 12.9 billion yuan from the state-owned National Integrated Circuit Industry Investment Fund, Bloomberg reported on Thursday, citing government data.
The move comes after the US Commerce Department in December added YMTC to its so-called “Entity List”, blocking the firm along with dozens of other Chinese companies from purchasing US chip technology.
Washington has in recent months tightened restrictions on Chinese chipmakers, citing national security concerns and the ability for the technology to be used by China’s defence sector.
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