China chip giants form US$577 million ‘patient capital’ fund to counter US tech curb

South China Morning Post South China Morning Post —

A coalition of China’s leading tech companies – including memory chipmaker ChangXin Memory Technologies (CXMT) and e-commerce giant Alibaba Group Holding – has launched a 3.91 billion yuan (US$577 million) private equity fund to boost its “hard tech” sectors amid tightening US tech export curbs.
The Changzhi Hanhai Private Investment Fund, registered last week in Shanghai’s Pudong New Area, aims to provide “patient capital” – long-term financing required for deep-tech research and development...

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