China Integrated Circuit Industry Investment Fund (CICF) has injected 240 million yuan ($34 million) to set up a joint venture with SZ-listed integrated circuit (IC) modules player Fastprint, state-owned SCI Group and Guangzhou Xingsen Zhongcheng, per a company filing on Friday.
The JV’s name is Guangzhou Xingke Semiconductor Company Limited with 1 billion yuan ($144 million) registered capital. Fastprint is the largest shareholder holding 41 per cent stake in Xingke, followed by SCI (25%) and CICF (24%).
In 2014, CICF was founded by the Ministry of Finance, China Development Bank’s fully-owned subsidiary CDB Capital, China Tobacco, Beijing E-Town International Investment & Development and China Mobile. The fund targets to finance IC-driven enterprises to enable China to achieve self-reliance in design and manufacturing.
CICF has poured money in a portfolio of companies, including vacuum devices developer Sky Technology Development, software memory brand Shenzhen Longsys Electronics, IC product provider RSIC Scientific Instrument (Shanghai), among others.
In 2018, CICF had joined hands with HK-listed semiconductor developer Semiconductor Manufacturing International Corporation to launch a $255-million fund to support the IC industry.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from March 6, 2020.
