Tech war: Shanghai boosts chip fund 11-fold under China’s self-sufficiency drive

The Shanghai Integrated Circuit Industry Investment Fund, backed by the municipal government, has expanded one of its three funds more than 11-fold to pump more capital into the financial hub’s chip firms as part of China’s broader pursuit of tech self-reliance. The third phase of the fund, also known as Shanghai IC Fund III, recently increased its registered capital by 5.5 billion yuan (US$794 million) to 6 billion yuan, according to business registry database Aiqicha. It added two new equity...