Registered capital of 344 billion! The third phase of the National Big Fund was established

According to the Tianyancha App, the National Integrated Circuit Industry Investment Fund III Co., Ltd. (hereinafter referred to as "Big Fund III") was officially registered and established on May 24, 2024. The legal representative is Zhang Xin. The registered capital is as high as 344 billion yuan. The business scope includes private equity investment fund management, venture capital fund management services, and private equity funds engaged in equity investment, investment management, asset management and other activities, and corporate management consulting.

Shareholder information shows that the company is jointly held by 19 shareholders, including the Ministry of Finance, China Development Bank Financial Holdings Co., Ltd., Shanghai Guosheng (Group) Co., Ltd., Industrial and Commercial Bank of China Limited, China Construction Bank Corporation, Agricultural Bank of China Limited, and Bank of China Limited.

It is worth mentioning that recently, the National Integrated Circuit Industry Investment Fund Co., Ltd. and the National Integrated Circuit Industry Investment Fund II Co., Ltd. underwent industrial and commercial changes. Lou Yuguang resigned as the legal representative and chairman of the two companies, and was succeeded by Zhang Xin.

In 2014, the State Council issued the "National Integrated Circuit Industry Development Promotion Outline". Under the guidance of the Ministry of Industry and Information Technology and the Ministry of Finance, the Big Fund was established with the aim of supporting China's own chip industry and using localization to solve the problem of heavy dependence on foreign manufacturers.

The first phase of the Big Fund mainly completes the industrial layout.

The first phase of the Big Fund has a fundraising scale of approximately 138.7 billion yuan, leveraging more than 500 billion yuan of local funds and private equity investment funds. The investment mainly focuses on integrated circuit chip design, manufacturing, packaging, testing and other fields.

In May 2018, the first phase of the Big Fund's investment was completed, with a total of more than 70 investment projects and more than 20 public investment companies.

The positioning of the second phase of the big fund is: investing in core equipment and key components to ensure the security of the chip industry chain.

In 2019, the second phase of the Big Fund, with a scale of 204.2 billion yuan, leveraged nearly 600 billion yuan of social funds, taking over the first phase of the fund. The areas covered are also more diversified, covering wafer manufacturing, integrated circuit design tools, chip design, packaging and testing, equipment, components, materials and applications.

Since its establishment, the Big Fund Phase II has invested in more than 40 companies in the semiconductor primary market. In the past two years, the investment activities of the Big Fund Phase II have accelerated, and it has invested in nearly 20 listed companies.

Compared with the first phase, the second phase focuses more on the overall coordinated development of the industry and filling in technological gaps, supporting leading industries, and increasing the domestic substitution rate. From the perspective of the investment directions of the first and second phases of the Big Fund, the layout logic of the two is different.

Regarding the third phase of the Big Fund, some analysts believe that in addition to continuing to support semiconductor equipment and materials, it is more likely to list high-value-added DRAM chips such as HBM as key investment targets.

AVIC Securities said that the key bottleneck link may be the key. Under the background of blockades, my country's IC industry will inevitably accelerate its pace of independent breakthroughs. The key restricted links in the United States may be the focus of investment in the third phase of the Big Fund, such as artificial intelligence chips, advanced semiconductor equipment (especially lithography machines, etc.), and semiconductor materials (photoresists, etc.). In addition, although the future wafer fab capacity growth rate in mainland China is fast, it is still dominated by mature processes. In the future, policies are expected to tilt towards advanced process wafer fabs, so it is recommended to pay attention.