In recent developments, the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd., commonly known as the "Big Fund II," has been making significant investments in the semiconductor sectorOn December 5, Big Fund II officially acquired shares in Zhuzhou CRRC Times Semiconductor Co., Ltd., a notable company in the semiconductor industryThe following day, Xingshin Technology underwent a change in business registration, adding Big Fund II as one of its shareholders.

A comprehensive review by the Shanghai Securities Journal reveals that both the National Integrated Circuit Industry Investment Fund Co., Ltd(referred to as "Big Fund I") and Big Fund II have been active investors this year, targeting 13 semiconductor companies across various segments of the semiconductor industry chain, including Electronic Design Automation (EDA), semiconductor materials and equipment, and chip manufacturing

Notably, Big Fund II is taking the lead in these investments.

It is also worth noting that the National Integrated Circuit Industry Investment Fund Phase III Co., Ltd("Big Fund III") was established earlier this year in May, boasting a registered capital of an impressive 344 billion yuanThis amount surpasses the combined registered capital of both Big Fund I and Big Fund II, positioning it as a potential new pillar of support for the semiconductor industry in terms of "patient capital."

The strategic investment in Times Semiconductor marks a significant milestoneAccording to recent business registration records, the shift in shareholders for Times Semiconductor took place on December 5, with Zhuzhou Guochuang Tianxin Venture Capital Fund Partnership (Limited Partnership) and Big Fund II among the new strategic investors.

Times Electric, in previous announcements, indicated that this capital increase aims to involve Big Fund II alongside 26 other strategic investors and an employee stockholding platform, with a total target of raising approximately 4.3278 billion yuan

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Big Fund II has committed to investing 300 million yuan in this initiative.

Following this capital increase, Times Electric will maintain its status as the majority shareholder of Times Semiconductor, holding 77.7771% of the sharesOther top shareholders include the Zhuzhou Xinlian Zero Enterprise Management Partnership (Limited Partnership) with 3.0992%, Zhuzhou Guochuang Tianxin Venture Capital Fund with 2.7396%, and several others, including Big Fund II, which holds a stake of 1.3256%.

Times Semiconductor is committed to the research and industrialization of power semiconductors, rapidly establishing itself as a leading player in China's power semiconductor landscapeThe company has developed a complete industrial chain for power semiconductor chip design, production, and testingIts products are widely utilized in industries such as transportation and energyIn 2023, Times Semiconductor reported revenue exceeding 3.6 billion yuan, with a substantial boost in net profits

Its market share leads in fields like rail transit, power grids, and wind power, while also ranking in the top three for new energy vehicles, centralized photovoltaic power, and high-end industrial control sectorsThis remarkable growth positions power semiconductors as one of the fastest-growing strategic emerging industries under CRRC's reforms.

Times Electric expressed that this capital increase will effectively address the funding needs pivotal for the growth of the power semiconductor industryFurthermore, it will deepen strategic industry collaborations and motivate core talent, thereby enhancing operational vitality and performanceSuch efforts are anticipated to elevate Times Semiconductor's core competitiveness and support the long-term development strategy of the company.

The Big Fund has been a heavy hitter in investment this yearEstablished in September 2014 with a registered capital of 98.72 billion yuan, Big Fund I, followed by Big Fund II, which was inaugurated in October 2019 with 204.15 billion yuan of registered capital, has made waves in the sector.

As of now, it's reported that both Big Fund I and II have invested in notable enterprises such as Hongxin Micro-Nano, Times Semiconductor, Xingshin Technology, and Xinlian Microelectronics—totaling 13 semiconductor enterprises this year alone.

Delving deeper into specifics, it's worth mentioning that in the EDA domain, Xingshin Technology saw a business registration change on December 4, wherein Big Fund II took a 7.27% ownership stake

This marks another EDA company investment for Big Fund II this year, following its investments in Jiutongfang Microelectronics and Quanxin Zhizao.

Xingshin Technology, founded in June 2018, operates with a fully proprietary intellectual property model and aims to develop industry-leading EDA toolchainsTheir groundbreaking technology assists clients in optimizing their power consumption, performance, and space objectives—thereby fostering innovation and collaboration in chip design and manufacturing.

In September, similar changes took place at Hongxin Micro-Nano, also an EDA firm, where Big Fund I acquired a stake of 38.74% worth nearly 500 million yuan.

As for semiconductor materials and equipment, Big Fund II has actively invested in companies like Jinke Silicon Materials and Siasun SemiconductorNotably, Jinke Silicon was established in July 2024 with a registered capital of 5.5 billion yuan, and Big Fund II subscribed to a 15 billion yuan investment, claiming a 27.27% share

Additionally, the Taiyuan Finance Bureau contributed 1.2 billion yuan, securing a 21.82% stake through its own capital management entity.

In the realm of chip manufacturing, Big Fund II’s investment in Xinlian Microelectronics was notable, with a subscription of 2.155 billion yuan, equating to a 24.77% equity stake.

Xinlian Microelectronics is a local project from Chongqing aimed at establishing a 12-inch high-end integrated circuit production line with a total investment exceeding 25 billion yuanSet up in October 2023, the focus lies primarily on crafting chips ranging from 55nm to 28nm technology nodesThe projected monthly capacity stands at 40,000 wafers, with an initial phase of 20,000 wafers aimed predominantly at sectors like automotive control, MCU, power management, RF chips, and more—spanning commercial aviation, rail transport, industrial control, and medical electronics.

Big Fund III, established this year, exhibits a massive registered capital of 344 billion yuan