Yangtze Memory Technologies Corp (YMTC), China's biggest NAND flash memory manufacturer, has successfully raised billions of US Dollars in new capital to adapt to challenging US restrictions. According to the report from Financial Times, YMTC, which was added to a trade blacklist in December and barred from procuring US equipment to manufacture chips, exceeded its funding target. However, the exact amount remains undisclosed. The capital increase became necessary due to YMTC's substantial spending on finding alternative equipment and developing new components and core chipmaking tools. This financing round was oversubscribed by domestic investors, reflecting support for YMTC amid tightening US restrictions.

Last year, YMTC managed to raise 50 billion Chinese Yuan or about 7 billion US Dollars for equipment. Spending it all on the supply chain, the company is now looking to bolster its offerings with additional equipment for its memory facilities. One of the investors in the funding rally for YMTC has made a statement for Finanical Times: "If Chinese companies have equipment that can be used, [YMTC] will use it. If not, it will see if countries other than the US can sell to it. If that doesn't work, YMTC will develop it together with the supplier." This statement indicates that the company is looking into several options, where one is simply developing its custom machinery with the suppliers.