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Chinese semiconductor start-up Changxin Xinqiao Storage Technology Co Ltd has raised 39 billion yuan (US$5.4 billion or RM24.92 billion) from government-backed investors, showing Beijing is strengthening its self-sufficient technological capabilities and resisting U.S. sanctions .
The financing includes 14.6 billion yuan provided by China Integrated Circuit Industry Investment Fund Phase II, as well as two other local government-affiliated investors. It is one of the largest investments since a year after a corruption investigation into the former head of China’s flagship semiconductor fund (“Big Fund”).
(Source: Bloomberg Image source: freepik)
