Recently, Yangtze Memory Technologies Co., Ltd. received a tax refund of 186 million yuan.

It is reported that Yangtze Memory is one of the three major memory wafer manufacturers in China, jointly invested and constructed by Tsinghua Unigroup, the National Integrated Circuit Industry Investment Fund, the Hubei Integrated Circuit Industry Investment Fund, and the Hubei Science and Technology Investment Group, responsible for the national memory base project.

Yangtze Memory successfully developed China's first 32-layer 3D NAND flash memory chip in 2017. According to Tsinghua Unigroup's co-president, Diao Shijing, the 32-layer 3D NAND flash memory chip from Yangtze Memory is expected to enter mass production in the fourth quarter of this year, while the development of its 64-layer 3D NAND flash memory chip is also in full swing, with plans for mass production in 2019.

On August 7, Yangtze Memory publicly announced its breakthrough technology XtackingTM, which has been successfully applied in the development of the second-generation 3D NAND products, expected to enter mass production in 2019.

According to local media reports, from the end of July to now, the Wuhan East Lake High-tech Zone has processed a total of over 1 billion yuan in VAT refunds, with integrated circuit companies accounting for a significant portion.

On June 27, the Ministry of Finance and the State Administration of Taxation released a tax refund plan, clearly stating that a one-time refund will be given to qualified enterprises in advanced manufacturing industries such as equipment manufacturing and modern service industries such as research and development, for input tax amounts that have not been fully deducted within a certain period.

Li Hui, the financial head of Yangtze Memory, stated: "Implementing the refund of the retained tax amount can directly increase the company's cash flow for the current period, improve the operating conditions of the enterprise, and increase investment in technological innovation, helping the sustainable development of the enterprise."

In the first half of the year, Premier Li Keqiang convened a State Council executive meeting to determine three measures to deepen VAT reform. On June 27, the Ministry of Finance and the State Administration of Taxation released a tax refund plan, clearly stating that a one-time refund will be given to qualified enterprises in advanced manufacturing industries such as equipment manufacturing and modern service industries such as research and development, for input tax amounts that have not been fully deducted within a certain period.