A coalition of Chinese technology firms, including chipmaker ChangXin Memory Technologies (CXMT) and e-commerce giant Alibaba, has launched a 3.91 billion yuan (US$577 million) private equity fund. The new entity, named Changzhi Hanhai Private Investment Fund, was registered in Shanghai and aims to bolster China's "hard tech" sectors, such as semiconductors.
The fund is designed to provide "patient capital," which involves long-term financing for deep-tech research and development often avoided by traditional venture capital. This initiative is a direct response to tightening U.S. export curbs on advanced technology to China. Key stakeholders include a CXMT subsidiary (30%), an Alibaba investment affiliate (10.2%), and top domestic semiconductor toolmaker Advanced Micro-Fabrication Equipment (7.7%), alongside state-backed investment vehicles.