Foreign media: Amid the continuous tightening of U.S. export controls, several leading Chinese technology enterprises have jointly established a private equity fund worth RMB 3.91 billion (approximately USD 577 million), specifically aimed at supporting the development of "hard tech" sectors domestically.
The fund has been registered in Pudong New Area, Shanghai. Its positioning is to provide "patient capital" for deep-tech research and development—long-term financing support that traditional short-term venture capital typically avoids.
From a shareholding structure perspective, CXMT's subsidiary, the storage chip giant Changxin Memory Technologies (CXMT), holds the largest stake at 30%; Dongguan Trust, a Guangdong-based trust service provider, holds 29.4%; SSCI Leading Fund under Shanghai State-Owned Capital Investment holds 20%; Hangzhou Haoyue Enterprise Management, an investment entity under Alibaba, holds 10.2%; and Amc Semiconductor Equipment Manufacturer (Amec), one of China’s top domestic semiconductor equipment makers, holds 7.7%.
This fund brings together major domestic technology giants and local state-owned investment platforms, leveraging industrial capital to fill the funding gap in high-end chip R&D, and is seen as a key strategic move by China to counter U.S. technological blockades.
Original source: toutiao.com/article/1867535901540363/
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