Sanctions-hit YMTC Laying Off 10 Percent of its Workforce
YMTC, China's premier NAND flash and DRAM memory manufacturer, is reportedly laying off 10 percent of its workforce as it sees demand drop from loss in sales to major American customers. The company has a cutting-edge lineup of NAND flash memory at competitive prices and quality enough to meet Apple's standards. It had scored a major NAND flash supply deal with the iPhone maker in 2020, which fell through in 2022 as the U.S. government placed trade embargoes on Chinese chipmakers. The company continues to supply NAND flash chips to many of the popular Chinese smartphone and PC manufacturers. YMTC identified 10 percent of its workforce that it categorized as "underperforming," and laid them off. This even ended incentives such as discounted apartments. One terminated employee was reportedly asked to cough up RMB 400,000 (this discount) to keep their home.