Chinese tech companies, including ChangXin Memory Technologies and Alibaba Group Holding, have established a 3.9 billion yuan (US$577 million) fund in Shanghai.

The initiative aims to support “hard tech” industries amid tightening US export curbs.

Qichacha data showed the Changzhi Hanhai Private Investment Fund was registered last week in Pudong New Area to provide “patient capital,” or long-term funding for research and development.

Changxin Xinju Equity Investment (Anhui), a CXMT subsidiary, holds 30% of the fund.

Guangdong-based trust company Dongguan Trust holds 29.4%, followed by Shanghai state-backed SSCI Leading Fund with 20%, Alibaba affiliate Hangzhou Haoyue Enterprise Management with 10.2%, and semiconductor equipment maker AMEC with 7.7%.

SSCI Leading Fund appears to be part of Shanghai’s state-capital system, which backs funds focused on technology sectors.

Meanwhile, tighter US controls on advanced chipmaking tools have constrained growth for Chinese chipmakers including CXMT.

🔗 Source: South China Morning Post

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