The Chinese memory chipmaker Yangtze Memory Technologies Co (YMTC) has asked its US employees to leave group, which has received $30bn in support from Beijing, as it seeks to comply with the export restrictions imposed recently by the Biden Administration, the Financial Times reported on Monday, citing four sources.
Several employees in China had already left the company and its longstanding chief executive Simon Yang, said to be a US passport holder, stepped down from his post ahead of the sanctions announcement to become the group’s deputy chair, the report said, but it was unclear how many US citizens and green card holders would be forced to leave YMTC.
Read the full report: The FT.
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