【Watch Serve the People Online】

Chinese automotive chip manufacturer GTA Semiconductor has recently completed a financing round of RMB 13.5 billion ($1.8 billion),Watch Serve the People Online according to a September 6 report by Chinese news outlet Securities Times. Following this infusion of capital, the Shanghai-based auto chip producer had garnered more than $2.7 billion in total funding in less than two years, as reported by Securities Times. State-owned venture capital firms such as Spinnotec, the first to announce the fundraising round, have been supporting GTA Semiconductor. Other participating entities are as yet unknown. GTA Semiconductor’s recent success in seeking investments can be seen as a signal that Beijing is fully behind the domestic chip manufacturing industry, according to Securities Times. Currently, the share of automotive chips produced by domestic Chinese manufacturers is less than 10%, making it a focus for more investment in the future, the report said. [Securities Times, in Chinese]

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