Changxin Xinqiao Backed by China's "Big Fund" with CNY 14 Billion

China's state-backed investment fund has invested 14.56 billion yuan ($1.99 billion) in a private equity firm called Changxin Xinqiao, according to surveys. Through the transaction, China Integrated Circuit Industry Investment Fund, also known as "Big Fund," contributed 33.15 percent of the registered capital of Changxin Xinqiao, according to the company and its registration date of October 26. information from the National Business Credit Information Disclosure System (NECIPS).

According to the company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei City, East Anhui Province.

Its CEO is Zhao Lun, CEO of ChangXin Memory Technologies, one of China's leading memory chip manufacturers.

According to the NECIPS official database, Changxin Xinqiao applied to build a 12-inch hard disk product base. The filing did not specify the nature of the project, but it is the first in China to begin mass production for the design and manufacture of integrated dynamic random access memory (DRAM),

According to a statement released last June from the project contractor. Changxin Xinqiao and Big Fund did not immediately respond to Reuters requests for comments. Great Fund's latest investment comes after it invested 13 billion yuan in Yangtze Memory Technologies (YMTC) earlier this year, one of its biggest investments in recent years.

YMTC, the sole player in the Chinese and global NAND memory market, has aggressively expanded production capacity and R&D with government subsidies. The US listed the YMTC in 2022 over fears it could transfer US technology to Huawei Technologies Co Ltd.