India, Feb. 20 -- China's push for chip self-sufficiency is gathering pace. According to South China Morning Post, the Shanghai Integrated Circuit Industry Investment Fund III recently raised its registered capital by 5.5 billion yuan (US$794 million) to 6 billion yuan, representing an increase of more than elevenfold as it channels additional funding into Shanghai's semiconductor firms.

As noted by the report, the fund has introduced two new equity investors: Shanghai State-owned Capital Investment Leading IC Private Equity Investment Fund, which will invest 4.5 billion yuan, and Pudong Venture Capital, backed by the Pudong district government, which is committing 500 million yuan.

The fund could expand further, as the report adds, not...