China’s biggest memory chipmaker has had to raise billions of dollars in fresh capital, after burning through $7bn in funding over the past year trying to adapt to tough US restrictions on its business.
Yangtze Memory Technologies Corp, which last December was added to a trade blacklist and prohibited from procuring US equipment to manufacture chips, exceeded its target for a new round, according to four people familiar with the situation.
They could not confirm the exact figure raised, but said it was equivalent to billions of dollars.
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