India, Aug. 11 -- With memory champions CXMT and YMTC tapping capital markets, investment strategies of their key backer, China's National Integrated Circuit Industry Investment Fund (the "Big Fund"), are once again in the spotlight.

According to ijiwei, however, the Big Fund's Phase III, launched in 2024, marks a notable shift from its earlier phases, with investments increasingly focused on advanced packaging, semiconductor equipment and materials, and computing chips.

Phase I & II: Building China's semiconductor foundation

As ijiwei points out, the Big Fund's first two phases adopted a broad-based investment strategy, spanning wafer manufacturing, IC design, packaging, equipment, and materials. The primary goal was to rapidly expand...