I think you will find that China (SMIC) would be more desperate...

I think you will find that China (SMIC) would be more desperate to strategically acquire advanced technologies such as 4DS Memory.

The West (In particular USA) have imposed tight restrictions over what semiconductor technologies can be accessed by China (specifically advanced technologies). For example imec is struggling to keep its relationship with China as it cannot collaborate on advanced research and development projects with China without breaching the restrictions imposed by the West. Currently imec works with China on older technologies that are not covered by the restrictions but eventually the imec China relationship will no longer be attainable leaving China to aggressively advance its local semiconductor industry.

Currently 4DS Memory is available for China to fully acquire.
4DS Memory being tuneable for different applications and compatible with high volume DRAM and NAND production fabs makes it very attractive for China to add to it’s portfolio.

4DS Memory being a tunable technology is likely to provide access to both Non-Volatile and Volatile memory modes, basically DRAM variant (Memory Mode) and SCM variant (Persistence Memory Mode).

4DS Memory is currently still testing, meaning they are yet to quantify the limits of their technology and the fact that the data they have on hand already exceeded their expectations really adds excitement to what advancements this technology can bring to different industries.

China (as a matter of national security) desperately needs access to advanced technology and the easiest way to get this access will be to acquire the likes of 4DS Memory.

On the flips side, the West will want to prevent China from buying advanced technologies and the only way to do so would be A. add sanctions (unlikely) or B. push friendly companies to purchase the likes of 4DS Memory through incentives like the Chips Act.

In short, 4DS Memory will not be listed for long on the ASX.