Just now, the third phase of the National Fund was established

The investment community

2024-05-27 16:38Published on the official account of Beijing Qingke Entrepreneurship Information Consulting Co., Ltd

The investment community-Decoding LP learned that the long-rumored National Integrated Circuit Industry Investment Fund Phase III Co., Ltd. (hereinafter referred to as the National Fund Phase III) was registered and established, becoming the largest fund project in the history of China's chip field.

According to the enterprise investigation, there are 19 shareholders in the third phase of the National Fund, and the Ministry of Finance is its largest shareholder, in addition to six large state-owned banks and policy banks, as well as state-owned platforms in Shanghai, Beijing, Shenzhen, and Guangdong, as well as a number of central enterprises, worthy of the name of the semiconductor super investment platform.

Specifically, in addition to the Ministry of Finance, other shareholders of the third phase of the National Fund include China Development Bank Capital, Shanghai Guosheng Group, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Bank of Communications, Postal Savings Bank of China, Yizhuang State Investment, Kunpeng Capital, China Tobacco, China Chengtong, China Mobile, etc.

It is worth mentioning that this is the first time that the six major state-owned banks have participated in the investment of the national fund of integrated circuits, of which China Construction Bank, Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China have all contributed 21.5 billion yuan, and Bank of Communications has invested 20 billion yuan.

The Ministry of Finance, China Development Bank Capital Co., Ltd., China National Tobacco Corporation, Beijing Yizhuang International Investment Development Co., Ltd., and Shanghai Guosheng (Group) Co., Ltd. have all contributed capital in three phases.

Retrospectively, the National Fund originated from the "National Integrated Circuit Industry Development Promotion Outline" issued in June 2014, which mentioned the investment and financing innovation to promote the development of the integrated circuit industry.

In September 2014, the National Integrated Circuit Industry Investment Fund (hereinafter referred to as the first phase of the fund) was formally established, focusing on investing in the integrated circuit chip manufacturing industry, taking into account chip design, packaging and testing, equipment and materials and other industries.

In October 2019, the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. (hereinafter referred to as the second phase of the big fund) was officially incorporated, with a more diversified investment direction, with a registered capital of up to 204.15 billion yuan.

Now, where will the third phase of the National Fund be invested? According to a previous report by "Yicai", in addition to the equipment and materials that the third phase of the National Fund focused on, AI-related chips may become a new focus.

In the research report released by Huaxin Securities in March this year, it is believed that the main investment direction of the first two phases of the national fund is concentrated in the field of equipment and materials, which has laid a solid foundation for the initial development of China's chip industry. With the vigorous development of the digital economy and AI, computing chips and memory chips will become key nodes in the industrial chain. In addition to continuing to support semiconductor equipment and materials, the third phase of the large fund is more likely to list HBM and other high value-added DRAM memory chips as key investment objects.

In addition, industry analysts also believe that the specific investment direction and goal of the third phase of the National Fund is to accelerate the development process of domestic semiconductors, and the focus may be on the key "neck" links and technological progress of the semiconductor industry chain such as upstream chip design, semiconductor manufacturing equipment and materials, so as to promote the overall development of the domestic integrated circuit industry.

All in all, the allocation of the third phase of the National Fund is more luxurious, pouring into the expectations of the country and the industry. China's semiconductors have started a new journey.

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