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China’s ‘Big Fund’ to invest $1.9 billion in memory chipmaker YMTC
The National Integrated Circuit Industry Investment Fund Co. Ltd., the powerful state-backed vehicle known within the industry as the “Big Fund,” will pump 12.9 billion yuan ($1.9 billion) into Wuhan-based memory chipmaker Yangtze Memory Technologies Co. Ltd. (YMTC), according to a government website that discloses company registration information. The investment signals Beijing is again powering up spending on its beleaguered semiconductor industry, which is struggling with U.S. sanctions and slumping global demand.
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