29:
2464:
1818:
1431:
1198:
2474:
297:. The investment approach was more conservative than the first phase, mainly focuses on the layout of the integrated circuit industry chain, focusing on chip manufacturing and equipment and materials, chip design, packaging and testing and other industry chain links, and supports the backbone of leading enterprises in the industry to grow bigger and stronger.
273:
management structure where the board set the strategy and approved major projects while Sino IC Capital carried out the investments and managed the money. The near-term goal was growing annual revenue of domestic semiconductor companies from 2015 to 2020 and to become a global leader in all segments
312:
crackdown. The scandal raised questions over the fund's efficiency and future value. the fund became dormant for a few months following the anti-graft investigations in July that lead to the downfall of its chief, Ding Wenwu. The fund resumed investment operations in early 2023 and on 10 March,
333:
On May 24, 2024, the
National Integrated Circuit Industry Investment Fund III Co., Ltd. was established with a registered capital of 344 billion yuan (US$ 47.5 billion), larger than the first two phases. Phase III is expected to continue the semiconductor industry chain "neck" link investment,
244:
proposed in the
National Integrated Circuit Industry Development Guidelines that a national investment fund should be set up to provide focused support for the development of the Integrated Circuit Industry. In August 2014, the fund management company, Sino IC Capital, was established by
321:
In
September 2023, it was reported that ICF for its third phase was raising money for another fund with a fundraising target of around US$ 40 billion. In February 2024 it was reported the third fund would raise over US$ 27 billion. Investors included the
714:
1138:
641:
586:
753:
983:
950:
876:
277:
According to MIIT, the fund raised US$ 21.8 billion in its first financing round in 2014. At the start, it deployed at least 60% of its capital into chipmaking investments, according to
517:
803:
227:
The fund has three phases respectively, with Big Fund I (2014 to 2019) and Big Fund II (2019 to 2024), and Big Fund III (2024 to 2039). The fund's management company is Sino IC Capital.
841:
2281:
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2059:
1888:
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2513:
2024:
2029:
1779:
266:
125:
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704:
2009:
1698:
1581:
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213:
1130:
631:
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2039:
576:
2226:
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241:
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507:
2034:
1858:
258:
2503:
1384:
793:
402:
1999:
1758:
1312:
917:
833:
2518:
1217:
327:
305:
2323:
2251:
1268:
338:
industry and other key areas of artificial intelligence semiconductor is also expected to obtain the Big Fund III investment. On May 27,
2064:
2049:
1718:
1178:
1933:
323:
2381:
2069:
1038:
2289:
2084:
2044:
2014:
1339:
386:. It has achieved success with investments in SMIC and Hua Hong Semiconductor but also has setbacks such as its investment in
1359:
1108:
1015:
2328:
2261:
2206:
2004:
1748:
1539:
1319:
418:
2508:
1738:
1487:
1289:
1915:
1242:
2371:
2333:
2313:
2266:
2019:
1883:
1274:
560:
2405:
2074:
1962:
1690:
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1262:
2444:
2246:
2092:
1599:
1456:
1354:
433:
209:
2241:
1878:
1863:
1794:
1446:
1171:
197:
1868:
1394:
208:
plan) by investing in domestic semiconductor companies. It has played a significant role with regards to the
2434:
2417:
2376:
2303:
1979:
1920:
1895:
1821:
1703:
1509:
1494:
1474:
1470:
1414:
1329:
423:
408:
The fund has a very low profile and does not even have its own website. It is stated to lack transparency.
359:
2439:
2294:
2117:
1905:
1831:
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1713:
1637:
1389:
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1201:
478:
221:
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2308:
2256:
2112:
2054:
1529:
1519:
1369:
1299:
1232:
343:
300:
In July 2022, ICF, Sino IC Capital, and several current and former executives were investigated by the
2467:
2221:
1991:
1928:
1836:
1808:
1804:
1674:
1659:
1561:
1514:
1504:
1404:
1164:
28:
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2163:
2142:
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1434:
1379:
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1257:
1227:
1075:
748:
636:
581:
262:
906:
2271:
2211:
2097:
1967:
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1945:
1686:
1647:
1609:
1534:
1334:
1279:
1222:
544:
347:
334:
including large-scale manufacturing and equipment, materials and other links, in addition to the
301:
261:(MIIT), it was set up to "invest in chip manufacturing, boost industrial production, and promote
108:
374:. Some of its investments are outside China. It also used to invest in investment firms such as
2400:
1938:
1841:
1654:
1627:
1604:
1594:
1524:
1451:
438:
355:
246:
217:
201:
130:
49:
1070:
393:
The largest shareholders of the fund include the
Ministry of Finance, China Development Bank,
2395:
2298:
2127:
1566:
443:
383:
335:
59:
2482:
2356:
2188:
2122:
1972:
1789:
1669:
1589:
1499:
1439:
1324:
200:. The fund aims to help China reach its national goal of achieving self-sufficiency in the
257:
On 26 September 2014, ICF was established. According to a statement on the website of the
8:
2361:
2107:
1950:
1664:
1549:
1544:
1424:
1252:
552:
289:
In 2019, ICF raised US$ 29.08 billion for its second phase. 75% of which went into
2216:
2183:
2137:
2132:
1708:
1642:
1247:
205:
1131:"China's Silan Soars as Big Fund II Plans to Invest USD95 Million in Its Chip Project"
2168:
2158:
1774:
1465:
1419:
1409:
1307:
798:
556:
468:
387:
290:
2477:
2173:
2102:
1826:
1728:
1723:
1556:
1187:
1103:
1010:
548:
382:
strategy, which allows it to indirectly invest further into more companies such as
309:
179:
153:
1098:
1005:
1399:
912:
362:
proposed a total of 114 billion yuan of capital, with a shareholding of 33.14%.
2348:
1743:
1479:
1237:
978:
871:
744:"China closes second round of Big Fund aimed at boosting domestic chip R&D"
512:
453:
448:
375:
371:
2497:
2423:
2178:
1632:
1571:
1349:
394:
379:
351:
294:
278:
135:
1043:
941:"Exclusive: China to launch $ 40 billion state fund to boost chip industry"
705:"Five Things to Know About China's Scandal-Struck Chip Industry 'Big Fund'"
398:
1900:
577:"China's top anti-corruption body probes ex-semiconductor fund executive"
428:
270:
939:
Zhu, Julie; Huang, Kevin; Mo, Yelin; Liu, Roxanne (5 September 2023).
2389:
2318:
632:"How China's 'Big Fund' is helping the country catch up in chip race"
1910:
1156:
794:"Graft scandal casts long shadow over China's chipmaking ambitions"
281:. The performance of the first phase exceeded market expectations.
974:"China Readies $ 27 Billion Chip Fund to Counter Growing US Curbs"
2429:
945:
907:"China's Big Fund corruption probe casts shadow over chip sector"
458:
87:
1039:"China is pumping another $ 47.5 billion into its chip industry"
508:"China's 'Big Fund' Gets New Boss To Fight US Chip Export Curbs"
709:
541:
High Wire: How China
Regulates Big Tech and Governs Its Economy
473:
187:
161:
2232:
Mainland and Hong Kong Closer
Economic Partnership Arrangement
265:". The fund operates as a corporate entity under MIIT and the
405:, which are government agencies and state-owned enterprises.
91:
2060:
State-owned Assets
Supervision and Administration Commission
1889:
National Fund for
Technology Transfer and Commercialisation
867:"China Graft Probes Stem From Anger Over Failed Chip Plans"
339:
22:
China
Integrated Circuit Industry Investment Fund Co., Ltd.
2237:
Mainland and Macau Closer
Economic Partnership Arrangement
483:
2010:
China Council for the Promotion of International Trade
834:"Why is China investigating semiconductor "Big Fund"?"
370:
CF deploys its capital by holding minority stakes in
172:
National Integrated Circuit Industry Investment Fund
905:
390:, which had to undergo bankruptcy reorganization.
1874:China Integrated Circuit Industry Investment Fund
146:China Integrated Circuit Industry Investment Fund
2514:Financial services companies established in 2014
2495:
2035:Ministry of Industry and Information Technology
1859:China Banknote Printing and Minting Corporation
259:Ministry of Industry and Information Technology
242:State Council of the People's Republic of China
403:China Electronics Technology Group Corporation
2000:All-China Federation of Industry and Commerce
1172:
938:
2040:National Financial Regulatory Administration
328:State Development and Investment Corporation
306:Central Commission for Discipline Inspection
2252:Regional Comprehensive Economic Partnership
1269:Grasping the large, letting go of the small
274:of the semiconductor supply chain by 2030.
2473:
2227:Guangdong–Hong Kong–Macau Greater Bay Area
2065:State Administration for Market Regulation
2050:National Development and Reform Commission
1179:
1165:
316:
27:
1934:National Equities Exchange and Quotations
699:
697:
695:
693:
691:
689:
687:
685:
683:
681:
679:
284:
2524:Investment management companies of China
2070:State Administration of Foreign Exchange
677:
675:
673:
671:
669:
667:
665:
663:
661:
659:
252:
167:Guójiā Jíchéng Diànlù Chǎnyè Tóuzī Jījīn
831:
626:
624:
2496:
2045:National Bureau of Statistics of China
2015:China Securities Regulatory Commission
622:
620:
618:
616:
614:
612:
610:
608:
606:
604:
589:from the original on 14 September 2023
411:
324:Shanghai Municipal People's Government
249:, which would own 45% of the company.
2504:Chinese companies established in 2014
1160:
953:from the original on 5 September 2023
900:
898:
896:
894:
656:
538:
532:
502:
500:
2262:Western Taiwan Straits Economic Zone
2207:Asian Infrastructure Investment Bank
2005:All-China Federation of Trade Unions
1186:
1091:
1063:
1030:
1006:"六大银行,逾1000亿元出资!国家大基金三期,或将重点投资这些项目!"
998:
971:
861:
859:
827:
825:
823:
821:
791:
787:
785:
783:
781:
779:
777:
775:
773:
771:
738:
736:
734:
732:
313:selected Zhang Xin as its new head.
2519:Government-owned companies of China
1739:Hong Kong Trade Development Council
879:from the original on 10 August 2022
832:Randall, Stewart (12 August 2022).
601:
13:
1243:Three-anti and Five-anti Campaigns
1036:
891:
553:10.1093/oso/9780197682258.001.0001
520:from the original on 13 March 2023
497:
14:
2535:
2267:Yangtze River Delta Economic Zone
2020:General Administration of Customs
1884:China Reform Holdings Corporation
1275:Scientific Outlook on Development
1141:from the original on 9 March 2024
986:from the original on 9 March 2024
920:from the original on 1 April 2023
856:
844:from the original on 1 April 2023
818:
806:from the original on 1 April 2023
768:
756:from the original on 1 April 2023
729:
717:from the original on 1 April 2023
644:from the original on 1 April 2023
2472:
2463:
2462:
2314:2008–2009 economic stimulus plan
2075:State Administration of Taxation
1963:Stock Exchange Executive Council
1817:
1816:
1430:
1429:
1197:
1196:
1111:from the original on 28 May 2024
1051:from the original on 28 May 2024
1018:from the original on 28 May 2024
2324:2015–16 stock market turbulence
2247:Pearl River Delta Economic Zone
1123:
965:
932:
434:Hangzhou Silan Microelectronics
210:semiconductor industry in China
2242:Northeast China Revitalization
1879:China Internet Investment Fund
1864:China Government Guidance Fund
792:Auto, Hermes (8 August 2022).
569:
235:
198:China Government Guidance Fund
192:
166:
1:
2334:China–United States trade war
2199:Regional economic initiatives
2152:National economic initiatives
1869:China-Africa Development Fund
1263:Deng Xiaoping's southern tour
490:
365:
212:by funding companies such as
2435:List of Chinese by net worth
2418:China Compulsory Certificate
2329:Protein export contamination
1980:Zhengzhou Commodity Exchange
1896:China Investment Corporation
1360:Business process outsourcing
539:Zhang, Angela Huyue (2024).
424:ChangXin Memory Technologies
360:Postal Savings Bank of China
7:
1749:Water supply and sanitation
1107:(in Chinese). 28 May 2024.
1014:(in Chinese). 27 May 2024.
10:
2540:
2509:Companies based in Beijing
2257:Rise of Central China Plan
2055:National Energy Commission
1071:"注册资本3440亿元 国家大基金三期成立_中证网"
972:Dong, Cao (8 March 2024).
344:Agricultural Bank of China
230:
2453:
2347:
2290:2005–2011 property bubble
2280:
2222:China Western Development
2197:
2151:
2083:
1990:
1929:Dalian Commodity Exchange
1803:
1767:
1685:
1618:
1580:
1298:
1208:
1194:
1079:(in Chinese). 28 May 2024
1037:He, Laura (27 May 2024).
372:publicly traded companies
183:
157:
121:
107:
97:
83:
65:
55:
45:
35:
26:
2164:Belt and Road Initiative
2143:Rural credit cooperative
1916:Foreign exchange reserve
1849:Beijing Financial Street
1258:Socialist market economy
1076:China Securities Journal
749:South China Morning Post
637:South China Morning Post
582:South China Morning Post
263:mergers and acquisitions
2406:Globalization and women
2272:Zhongyuan Economic Zone
2212:Beibu Gulf Economic Rim
1992:Government institutions
1968:Shenzhen Stock Exchange
1958:Shanghai Metal Exchange
1946:Shanghai Stock Exchange
1610:Zhangjiang Hi-Tech Park
1595:Megalopolises in China
545:Oxford University Press
317:Phase III (2024 - 2029)
302:Chinese Communist Party
293:projects, according to
2445:Science and technology
2339:2020–2021 reform spree
2093:International rankings
1939:Beijing Stock Exchange
1605:Suzhou Industrial Park
1600:Special Economic Zones
439:Hua Hong Semiconductor
356:Bank of Communications
285:Phase II (2019 - 2024)
247:China Development Bank
218:Hua Hong Semiconductor
202:semiconductor industry
131:China Development Bank
69:26 September 2014
50:State-owned enterprise
1795:Intellectual property
1290:1949–1976 wage reform
1233:Industrial Revolution
1099:"国家大基金三期,或将重点投资这些项目!"
916:. 28 September 2022.
444:Ingenic Semiconductor
384:Ingenic Semiconductor
253:Phase I (2014 - 2019)
170:), also known as the
113:US$ 45 billion (
103:Zhang Xin (President)
71:; 9 years ago
60:Investment management
16:Chinese National Fund
2483:Economy of East Asia
2189:Youth Business China
2025:Ministry of Commerce
1973:SZSE Component Index
1590:Dalian Software Park
2030:Ministry of Finance
1951:SSE Composite Index
1921:Hedge fund industry
1768:Law and regulations
1475:academic publishing
1253:Four Modernizations
1135:www.yicaiglobal.com
412:Notable investments
308:as part of an anti-
267:Ministry of Finance
126:Ministry of Finance
23:
2440:Chinese economists
2413:National Standards
2309:2007 slave scandal
2217:Bohai Economic Rim
2184:Made in China 2025
2133:Internal migration
2118:Standard of living
1906:Financial services
1780:Labor contract law
1734:Illegal drug trade
1704:World Trade Center
1540:Telecommunications
1488:equipment industry
1320:Advanced materials
1285:Population history
1248:Great Leap Forward
1202:Companies of China
240:In June 2014, the
206:Made in China 2025
41:国家集成电路产业投资基金股份有限公司
21:
2491:
2490:
2304:2007 stock bubble
2169:Common prosperity
2159:Beijing Consensus
2113:Income inequality
1582:Development Zones
875:. 9 August 2022.
799:The Straits Times
516:. 13 March 2023.
469:Tsinghua Unigroup
388:Tsinghua Unigroup
348:Construction Bank
291:wafer fabrication
142:
141:
2531:
2478:Outline of China
2476:
2475:
2466:
2465:
2299:pet food recalls
2174:Dual circulation
1925:Stock Exchanges
1854:Financial system
1820:
1819:
1759:Trading partners
1505:Renewable energy
1433:
1432:
1200:
1199:
1188:Economy of China
1181:
1174:
1167:
1158:
1157:
1151:
1150:
1148:
1146:
1127:
1121:
1120:
1118:
1116:
1104:Securities Times
1095:
1089:
1088:
1086:
1084:
1067:
1061:
1060:
1058:
1056:
1034:
1028:
1027:
1025:
1023:
1011:Securities Times
1002:
996:
995:
993:
991:
969:
963:
962:
960:
958:
936:
930:
929:
927:
925:
909:
902:
889:
888:
886:
884:
863:
854:
853:
851:
849:
829:
816:
815:
813:
811:
789:
766:
765:
763:
761:
752:. 26 July 2019.
740:
727:
726:
724:
722:
701:
654:
653:
651:
649:
628:
599:
598:
596:
594:
585:. 18 July 2022.
573:
567:
566:
536:
530:
529:
527:
525:
504:
204:(as part of the
194:
185:
168:
159:
116:
79:
77:
72:
31:
24:
20:
2539:
2538:
2534:
2533:
2532:
2530:
2529:
2528:
2494:
2493:
2492:
2487:
2449:
2343:
2276:
2193:
2147:
2079:
1986:
1799:
1785:Labor relations
1763:
1681:
1614:
1576:
1462:Pharmaceuticals
1294:
1228:Five-year plans
1204:
1190:
1185:
1155:
1154:
1144:
1142:
1129:
1128:
1124:
1114:
1112:
1097:
1096:
1092:
1082:
1080:
1069:
1068:
1064:
1054:
1052:
1035:
1031:
1021:
1019:
1004:
1003:
999:
989:
987:
970:
966:
956:
954:
937:
933:
923:
921:
913:Financial Times
904:
903:
892:
882:
880:
865:
864:
857:
847:
845:
830:
819:
809:
807:
790:
769:
759:
757:
742:
741:
730:
720:
718:
703:
702:
657:
647:
645:
640:. 10 May 2018.
630:
629:
602:
592:
590:
575:
574:
570:
563:
537:
533:
523:
521:
506:
505:
498:
493:
488:
414:
368:
319:
287:
269:. It adopted a
255:
238:
233:
134:
129:
114:
100:
75:
73:
70:
38:
17:
12:
11:
5:
2537:
2527:
2526:
2521:
2516:
2511:
2506:
2489:
2488:
2486:
2485:
2480:
2470:
2454:
2451:
2450:
2448:
2447:
2442:
2437:
2432:
2427:
2420:
2415:
2410:
2409:
2408:
2398:
2393:
2386:
2385:
2384:
2379:
2374:
2364:
2359:
2353:
2351:
2349:Related topics
2345:
2344:
2342:
2341:
2336:
2331:
2326:
2321:
2316:
2311:
2306:
2301:
2292:
2286:
2284:
2278:
2277:
2275:
2274:
2269:
2264:
2259:
2254:
2249:
2244:
2239:
2234:
2229:
2224:
2219:
2214:
2209:
2203:
2201:
2195:
2194:
2192:
2191:
2186:
2181:
2176:
2171:
2166:
2161:
2155:
2153:
2149:
2148:
2146:
2145:
2140:
2135:
2130:
2125:
2120:
2115:
2110:
2105:
2100:
2098:Social welfare
2095:
2089:
2087:
2081:
2080:
2078:
2077:
2072:
2067:
2062:
2057:
2052:
2047:
2042:
2037:
2032:
2027:
2022:
2017:
2012:
2007:
2002:
1996:
1994:
1988:
1987:
1985:
1984:
1983:
1982:
1977:
1976:
1975:
1965:
1960:
1955:
1954:
1953:
1943:
1942:
1941:
1931:
1923:
1918:
1913:
1908:
1903:
1898:
1893:
1892:
1891:
1886:
1881:
1876:
1871:
1861:
1856:
1851:
1846:
1845:
1844:
1839:
1834:
1824:
1813:
1811:
1801:
1800:
1798:
1797:
1792:
1787:
1782:
1777:
1771:
1769:
1765:
1764:
1762:
1761:
1756:
1751:
1746:
1741:
1736:
1731:
1726:
1721:
1719:Postal history
1716:
1714:Communications
1711:
1706:
1701:
1695:
1693:
1691:infrastructure
1683:
1682:
1680:
1679:
1678:
1677:
1672:
1667:
1657:
1652:
1651:
1650:
1648:Oil refineries
1645:
1635:
1630:
1624:
1622:
1616:
1615:
1613:
1612:
1607:
1602:
1597:
1592:
1586:
1584:
1578:
1577:
1575:
1574:
1569:
1564:
1559:
1554:
1553:
1552:
1542:
1537:
1532:
1527:
1522:
1517:
1512:
1507:
1502:
1497:
1492:
1491:
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1390:Electric power
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1385:Electric motor
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1280:Historical GDP
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1240:
1238:Iron rice bowl
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454:Oriza Holdings
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426:
421:
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413:
410:
376:Oriza Holdings
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364:
318:
315:
286:
283:
254:
251:
237:
234:
232:
229:
193:Guójiā Dàjījīn
140:
139:
123:
119:
118:
111:
105:
104:
101:
98:
95:
94:
85:
81:
80:
67:
63:
62:
57:
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47:
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15:
9:
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2196:
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2180:
2179:Go Out policy
2177:
2175:
2172:
2170:
2167:
2165:
2162:
2160:
2157:
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2150:
2144:
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2396:Demographics
2388:
2382:Largest SOEs
2128:Urbanization
1873:
1837:Central bank
1567:Video gaming
1447:Mobile phone
1143:. Retrieved
1134:
1125:
1113:. Retrieved
1102:
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1081:. Retrieved
1074:
1065:
1053:. Retrieved
1044:CNN Business
1042:
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399:China Mobile
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158:国家集成电路产业投资基金
149:
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84:Headquarters
46:Company type
18:
2357:Agriculture
2295:2007 export
2123:Foreign aid
2085:Development
1901:CITIC Group
1842:Other banks
1790:Food safety
1500:Real estate
1440:gold mining
1395:Electronics
1325:Aquaculture
957:5 September
236:Preparation
37:Native name
2498:Categories
2362:Bankruptcy
2138:Emigration
2108:Corruption
1822:Accounting
1775:Tax system
1675:Geothermal
1545:Television
1510:Securities
1495:Rare earth
1471:Publishing
1415:Hedge fund
1330:Automotive
1300:Industries
491:References
429:GigaDevice
366:Operations
99:Key people
76:2014-09-26
2459:See also:
2390:The Hongs
2367:Companies
2319:2010 Expo
1709:Transport
1660:Renewable
1643:Oil shale
1375:Container
1345:Aerospace
196:), is a
2468:Category
1911:Renminbi
1729:Shipping
1562:Textiles
1530:Software
1520:Shipping
1515:Sex toys
1484:Railway
1466:pharmacy
1420:Internet
1410:Gambling
1340:Aircraft
1335:Aviation
1308:Industry
1145:16 March
1139:Archived
1109:Archived
1049:Archived
1016:Archived
990:11 March
984:Archived
951:Archived
918:Archived
877:Archived
842:Archived
838:TechNode
804:Archived
754:Archived
715:Archived
642:Archived
587:Archived
518:Archived
271:two tier
176:Big Fund
174:and the
138:(11.14%)
133:(22.29%)
128:(36.74%)
56:Industry
2430:Mingong
2377:Top 500
2372:Largest
2103:Poverty
1832:History
1827:Banking
1809:banking
1805:Finance
1754:Exports
1724:Tourism
1655:Nuclear
1557:Tourism
1550:digital
1405:Fishing
1313:history
1218:History
1210:History
946:Reuters
924:1 April
883:1 April
848:1 April
810:1 April
760:1 April
721:1 April
648:1 April
524:1 April
459:Piotech
231:History
180:Chinese
154:Chinese
88:Beijing
74: (
66:Founded
2282:Events
1620:Energy
1435:Mining
1380:Cotton
1370:Coffee
1365:Cement
1223:Reform
1115:28 May
1083:28 May
1055:28 May
1022:28 May
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474:UNISOC
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188:pinyin
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122:Owners
1744:Ports
1687:Trade
1670:Solar
1535:Steel
1480:Radio
1425:Media
310:graft
184:国家大基金
92:China
1807:and
1689:and
1665:Wind
1633:Coal
1572:Wine
1525:Silk
1473:and
1464:and
1400:Film
1350:Beer
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557:ISBN
526:2023
479:YMTC
464:SMIC
449:JCET
419:AMEC
340:ICBC
326:and
222:YMTC
214:SMIC
144:The
115:2023
1638:Oil
549:doi
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336:HBM
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