China will invest 12.9 billion yuan ($1.9 billion) in the country’s largest memory chip maker Yangtze Memory Technologies Co. (YMTC).
The funds will be provided to the company through The National Integrated Circuit Industry Investment Fund Ltd. investment fund, according to a government website.
It could mark a resumption of state capital flows into the industry, which is subject to U.S. sanctions, Bloomberg said.
Representatives of YMTC and the fund did not respond to the agency’s inquiries.
The Wuhan-based company is China’s largest maker of 3D NAND flash memory chips used in smartphones and other electronic devices. Last year, YMTC, along with more than 30 other Chinese companies, was blacklisted by U.S. authorities. U.S. technology companies cannot supply components to Chinese organizations on this list without obtaining a special export license from the U.S. Department of Commerce.
