China Invests $5 4 Billion in Two-Year-Old Memory Chipmaker bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
Semiconductor start-up Changxin Xinqiao Memory Technologies has raised 39 billion yuan (US$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.