China Invests $5.4 Billion in Two-Year-Old Memory Chipmaker
- State-backed Big Fund restarts major investments after probe
- Beijing aims to achieve breakthroughs in chip technologies
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Semiconductor startup Changxin Xinqiao Memory Technologies Inc. has raised 39 billion yuan ($5.4 billion) from government-backed investors, a sign Beijing is doubling down on its efforts to achieve technological self-sufficiency and counter US sanctions.
In its latest funding round, Hefei-based Changxin Xinqiao secured 14.6 billion yuan from the state-backed China Integrated Circuit Industry Investment Fund Phase II in late October and funding from two other investors affiliated with the local government, according to Chinese corporate data provider Tianyancha.