The city government of Shanghai, China recently introduced a CNY50 billion (US$7.4 billion) IC industry investment fund aimed at cultivating and supporting the local leading enterprises, according to a recent Chinese-language Commercial Times report.

The fund will provide CNY30 billion to support the development of the local manufacturing sector, CNY10 billion to help local fabless firms expand via acquisitions, and another CNY10 billion to foster the development of the local equipment and materials sector, the report cited China media as saying.

Named the Shanghai Integrated Circuit Investment Fund (SICIF), it completed the first round of fund-raising totaling CNY28.5 billion in 2016, according to previous reports. Contribution from the national China Integrated Circuit Industry Investment Fund accounted for 10% of SICIF's initial fund-raising. Other major investors include Shanghai Science and Technology Venture Investment (Group) and SAIC Motor.

By: DocMemory
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