China will invest an additional $1.9 billion in Yangtze Memory Technologies Co. (YMTC), the country’s biggest memory chip producer, to spur the growth of its domestic semiconductor industry, which is currently being cramped by US sanctions.
China’s National Integrated Circuit Industry Investment Fund, a government-backed investment body also known as the Big Fund, will inject the capital into YMTC, Bloomberg reported Friday. The magnitude of the investment shows China’s effort to boost its struggling home-grown chip industry, which is currently facing constraints on its manufacturing capabilities from the US and other countries.
