China is Underwater Lovepreparing to launch a substantial state-backed investment fund for its semiconductor industry, aiming to raise approximately RMB 300 billion ($41 billion), according to a September 5 report by Reuters. The fund to be launched by the China Integrated Circuit Industry Investment Fund (also known as the Big Fund) will primarily focus on chip manufacturing, sources familiar with the matter told Reuters. It received approval from the Chinese authorities in recent months, with the Ministry of Finance planning to contribute RMB 60 billion ($9 billion), sources added. The fundraising process may take several months and specific details about the launch time and contributors remain undisclosed. SINO-IC Capital is expected to remain as a manager for the fund and Chinese officials have also reached out to state-owned China Aerospace Investment to discuss being one of the managers, sources told Reuters. [Reuters]
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