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China is pumping $1.9 billion into its top memory chipmaker, according to mediareports, as US restrictions on semiconductor exports threaten Beiiing's techambitions.
Semiconductor manufacturer Yangtze Memory Technologies Co (YMTC) is set toreceive 12.9 billion yuan from the state-owned National Integrated Circuit Industrynvestment Fund, Bloomberg reported on Thursday, citing government data.
The move comes after the US Commerce Department in December added YMTCto its so-called "Entity List", blocking the firm along with dozens of other Chinesecompanies from purchasing US chip technology.
Washington has in recent months tightened restrictions on Chinese chipmakersciting national security concerns and the ability for the technology to be used byChina's defence sector.
According to US rules released last week, chipmakers benefitting from a $39billion government fund must agree not to expand capacity in "countries ofconcern", including China, for a decade.
To no longer rely on foreign imports for its chips, Beijing has sunk billions ofdollars into building up its own semiconductor industry over the past decade
And in December, it filed a dispute with the World Trade Organization over USchip export restrictions, accusing Washington of protectionism and violatinginternational trade rules
State-controlled Chinese business news outlet Jiemian on Thursday said theinvestment from the national fund was part of a capital infusion that also includedtwo companies backed by the goverment of Hubei province. where YMTC isbased
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