New chip venture

YANGTZE Memory Technologies Co (YMTC), China’s largest flash memory producer, has set up a new chip venture in Wuhan with a registered capital of 20.7 billion yuan (US$2.9 billion).

YMTC holds a 50.2% stake, while the rest is owned by State-backed Hubei Changsheng Phase III Investment Development Co.

The venture will operate across the chip supply chain, including design, manufacturing, and sales, though specific products have not been disclosed.

YMTC, based in Wuhan, is known for 3D NAND flash memory chips and held 8.1% of the global NAND market in Q1 2025, ranking sixth, according to TrendForce.

Xiaomi fires

marketing head

XIAOMI has fired Wang Teng for leaking confidential information less than 10 months after the Chinese electronics giant promoted him to general manager of its domestic marketing department.

Wang leaked company secrets and was engaged in serious discipline infractions, including conflict of interest, Xiaomi said in an internal e-mail Monday, noting that he was fired in accordance with the firm’s regulations.

Wang joined Xiaomi in 2016 and was appointed as product director of the company’s sub-brand Redmi in March 2020. He was promoted to marketing GM for China on Dec. 31 last year, while concurrently serving as GM of Redmi.

(SD-Agencies)