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- China has roped in Zhang Xin as the leader of the National Integrated Circuit Industry Investment Fund Co, better known as the Big Fund or Beijing's primary vehicle for supporting the country's chipmakers.
- Zhang was a former China's Ministry of Industry and Information Technology official, Bloomberg reports.
- Top Chinese leaders ordered a probe into the Big Fund after a lack of a breakthrough in developing semiconductors to replace imports after years of government investments.
- Also Read: Alibaba Chip Unit And Ant Group's Payment Service Unite To Launch Chips For Payments
- Zhang succeeded Ding Wenwu at the Big Fund on March 10 and as the head of China Integrated Circuit Industry Investment Fund Phase II Co, another state-backed chip fund, on March 11.
- China's ministry's planning bureau listed Zhang as a first-class inspector. In contrast, Ding was once the director of the ministry's electronic information bureau, outranking Zhang.
- Founded in 2014, it drew $45 billion in capital and backed the likes of, including Semiconductor Manufacturing International Corp and Yangtze Memory Technologies Co.
- The Big Fund became somewhat dormant for a few months following the probe. However, it sprang into action earlier this year, pledging an additional investment into Yangtze Memory.
- In March, Chinese President Xi Jinping pledged measures to support the development of high-end chip manufacturing.
- Simultaneously, the Biden administration eyed further restrictions on the export of semiconductor manufacturing gear.
- In November, Alibaba Group Holding Limited BABA and others tweaked their most advanced chip designs to reduce processing speeds and bypass U.S.-imposed sanctions.
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