Yangtze Memory parent firm gets $222 million investment, valuation exceeds $22.4 billion

Yangyuan Beverage announced yesterday that its subsidiary, Quanhong Investment, has made a capital injection of 1.6 billion yuan ($222 million) into Yangtze Memory Group. Following this investment, Quanhong Investment will hold a 0.99% stake in the Yangtze Memory Group, which is now valued at around RMB 161.61 billion ($22.4 billion). Following this capital increase, shareholders in Yangtze Memory Group have expanded from 7 to 23. New investors include Shanghai State-owned Assets, Xiamen Juda No. 2 Investment, Agricultural Bank of China Financial, Construction Bank of China Financial, Jiaxing Hengsheng Baiwang Ventures, Zhaoying Growth No. 21 Private Equity Fund, Dalian Yuntai No. 9 High-Tech Equity Fund, and others. [Jiwei, in Chinese]