/cloudfront-us-east-2.images.arcpublishing.com/reuters/3LGDHNIJ7BM6FAKNCQXGBFIUPE.jpg)
The Chinese state chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, according to reports. The investment fund, also known as the “Big Fund,” now holds 33.15% of Changxin Xinqiao’s total registered capital. Changxin Xinqiao was founded in 2021 and is based in Hefei, China. The company’s CEO, Zhao Lun, is also the chairman and CEO of Changxin Memory Technology, one of China’s leading memory chip producers. This investment follows the Big Fund’s previous investment of 13 billion yuan in Yangtze Memory Technologies earlier this year. Yangtze Memory Technologies is the sole player in China’s NAND memory market and has been aggressively expanding its production capacity with the help of government subsidies. The capital injection into Changxin Xinqiao is part of a larger increase in registered capital, with existing investors Changxin Xinan and Hefei XiNY also increasing their contributions. The Big Fund was launched by China in 2014 to boost its semiconductor industry, which is believed to lag behind the US, Taiwan, and South Korea. The organization raised 138.7 billion yuan for its first fund and 204 billion yuan for its second fund. In the past month, the Big Fund announced its intention to raise around $40 billion in another round of funding to catch up with its competitors. However, the fund has also been caught up in a corruption scandal that led to an investigation into its former chairman last year.
Читать полную новость на сайте
