China’s memory chipmaker Yangtze Memory Technologies Corp (YMTC) has denied allegations of pursuing a backdoor listing amid rising chip stock values and US technology restrictions.

The company also dismissed any ties to Shenzhen-listed Mason Technology, rumored as a potential backdoor listing vehicle.

Mason Technology, ultimately controlled by the Hubei state-owned Assets Supervision and Administration Commission, manages a memory chip business with its subsidiary, Yangtze Mason Semiconductor.

Following YMTC’s announcement, Mason Technology’s shares decreased by 10% to 14.04 yuan (US$1.93) on Monday.