Chipmaker YMTC Cedes Control of Foundry Unit Ahead of Mega IPO
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Chinese memory chipmaker Yangtze Memory Technologies Co. (YMTC) will cede control of its foundry unit to a state-backed fund, streamlining operations ahead of a blockbuster domestic listing.
YMTC plans to sell its 39% stake in Wuhan Xinxin Semiconductor Manufacturing Co. Ltd. to Wuhan Optics Valley Semiconductor Industry Investment Co., a local state-owned investment platform, according to a Thursday regulatory filing. The transaction will reduce YMTC’s holding from 68.2% and transfer control to the state-backed buyer, which will manage a 47.9% stake alongside its concert parties.
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