Yangtze Memory Technologies Corp (YMTC), China's largest maker of 3D NAND memory that used to make flash for some of the best SSDs, recently secured a much-needed multi-billion dollar investment. This money comes after the company had to spend $7 billion in a year to overcome U.S. sanctions against the Chinese semiconductor sector and YMTC's inclusion on the Department of Commerce's Entity List.
Last year the company received a ¥50 billion ($7 billion) capital boost from its shareholders, which included contributions from the government-backed China Integrated Circuit Industry Investment Fund (the so-called Big Fund). But after the U.S. imposed restrictions on selling specific chipmaking tools to all Chinese companies in October and added YMTC to its blacklist, the company began bleeding financially — which is why it needed additional money from its investors. This new round of funding exceeded the company's expectations, according to a report from the Financial Times.
