China sets up $29b state-owned Integrated Circuit Investment Fund II

Photo: Bloomberg.

China has set up a mammoth 204 billion yuan ($29 billion) state-owned Integrated Circuit Investment Fund II to accelerate the development of the semiconductor industry, per a media statement. 

The second fund, which is led by 27 shareholders, counts the Ministry of Finance of the People’s Republic of China, China Development Bank Capital, Optics Valley Financial Holding Group, Caldecott Properties Limited-backed Investment Fund and China Tobacco among its top five investors. The Ministry of Finance accounts for 11.02 per cent share of the fund. 

The new fund will invest in the industrial chain sectors involving design, manufacturing, and packaging.

The state-owned Integrated Circuit Investment Fund was set up in 2014 by the Ministry of Industry and Information Technology and Ministry of Finance to give a fillip to the Chinese circuit chip industry to achieve economic self-sufficiency.

The first vehicle, which was sized at 139 billion yuan ($20 billion), invested in listed companies including Sanechips Technology Co., Ltd,  JCET Group, NAURA Technology Group Co., Ltd., and San’an Optoelectronics Co, Ltd.

The Chinese government has now approved the deployment of the second fund following the successful foundation built by the first vehicle.  The second fund is looking to back specialised areas and core systems that target to protect the industrial chain. 

The second fund targets to build a well-operated supply system in the integrated circuit industry. The government is looking to lay emphasis on enabling the development of a user-friendly network as also to create an ecosystem that transforms import reliance to export sufficiency.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.