China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed.
The deal saw China Integrated Circuit Industry Investment Fund, also known as the "Big Fund", contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26 to the company's registration information on the National Enterprise Credit Information Publicity System.
Its general manager is Zhao Lun, who is also the chairman and general manager of Changxin Memory Technology, which is one of China's leading memory chip companies.The Big Fund's latest investment comes after it invested 13 billion yuan into Yangtze Memory Technologies earlier this year, marking one of its largest investments in recent years.
Changxin Xinqiao's capital raising from the Big Fund is part of a larger registered capital expansion that involved existing investors, Changxin Xinan and Hefei Xinyi, increasing their capital contribution by 10.4 billion yuan and 14 billion yuan respectively.
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