Chinese state-owned firms set up semiconductor funds amid calls for ‘patient’ capital

AI Summary

Chinese state-owned companies and provincial governments have established new funds worth billions of yuan to support the semiconductor industry, addressing the need for patient capital in this long-term and resource-intensive sector. China Life Insurance is partnering with other investors to pool 5 billion yuan to invest in semiconductor companies.

Companies backed by the state and provincial governments in China have announced new funds to focus on the semiconductor industry, which requires a large amount of time and resources to grow, at a time when the country is in need of more “patient capital”. China Life Insurance, the country’s largest life insurer, backed by the State Council, said it would establish a partnership with total capital of 5 billion yuan (US$737 million) that “principally invests in companies operating in the...