China invests $1.9 billion in top chipmaker YMTC

Emmanuel Oyedeji -

China is reportedly investing $1.9 billion (12.9 billion yuan) into its top memory chipmaker Yangtze Memory Technologies Co. (YTMC), according to media reports.

This follows tightened US restrictions on Chinese chipmakers in recent months, citing national security concerns. The restrictions block the firm and dozens of other Chinese companies from purchasing US chip technology, threatening Beijing's tech ambitions.

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The Chinese government has sunk billions of dollars into building up its own semiconductor industry over the past decade to lessen its reliance on foreign imports for its chips.

State-controlled Chinese business news outlet Jiemian on Thursday said the investment from the National Integrated Circuit Industry Investment Fund Ltd. was part of a capital infusion that also included two companies backed by the government of Hubei province, where YMTC is based.

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