China’s $50 Billion Chip Fund Switches Tack to Fight US Curbs
中国 500 亿美元芯片基金调整策略以应对美国限制

China’s main chip investment fund is planning to focus on the country’s key shortcomings in sectors like lithography and semiconductor design software, adjusting its approach to better overcome US efforts to stop its technological advances.
中国主要芯片投资基金正计划将重点投向光刻机和半导体设计软件等关键短板领域，通过调整投资策略更有效突破美国遏制其技术发展的企图。

The third phase of the state-backed National Integrated Circuit Industry Investment Fund, better known as Big Fund III, will focus on backing local companies and projects in areas considered bottlenecks to technological advances, people familiar with the matter said. That includes lithography systems, where Dutch firm ASML Holding NV dominates, and chip design tools, an arena controlled by US companies Cadence Design Systems Inc. and Synopsys Inc.
知情人士透露，中国国家集成电路产业投资基金三期（简称"大基金三期"）将重点扶持本土企业在技术瓶颈领域的项目，包括荷兰阿斯麦公司垄断的光刻机系统，以及美国楷登电子和新思科技主导的芯片设计工具领域。

The new vehicle has so far secured only a portion of the 344 billion yuan ($48 billion) of capital it originally sought when first created more than a year ago as Beijing is being more cautious with its semiconductor bets, according to the people, though the shortfall should be temporary. The Big Fund III plans to hold its investments for a longer period compared to the two previous phases, they said, declining to be named discussing a private government initiative.
据不愿具名的知情人士表示，由于中国政府对半导体投资持更谨慎态度，这只成立已逾一年的新基金目前仅募集到 3440 亿元人民币（480 亿美元）目标资金中的部分份额，但资金缺口应是暂时现象。他们透露，与前两期相比，大基金三期计划将持有投资标的更长时间。

A yearslong US-led campaign to curb China’s access to chips, equipment and software has appeared to stall Beijing’s ambitions in semiconductors, essential to creating cutting-edge AI. Chinese President Xi Jinping has declared the elimination of such choke-points a top priority, particularly as local artificial intelligence players including DeepSeek and Alibaba Group Holding Ltd. are trying to compete on the global stage with deep-pocketed US rivals such as OpenAI in a critical field.
美国多年来主导的限制中国获取芯片、设备和软件的行动，似乎阻碍了北京在半导体领域实现其雄心壮志，而半导体对于开发尖端人工智能至关重要。中国国家主席习近平已宣布消除这些"卡脖子"技术是首要任务，尤其是在本土人工智能企业如深度求索和阿里巴巴集团控股有限公司正试图在关键领域与资金雄厚的美国对手如 OpenAI 在全球舞台上竞争之际。

China’s Big Fund for years sprinkled capital throughout most sectors of the semiconductor industry, from leading manufacturers such as Semiconductor Manufacturing International Corp. to small design companies. It’s now adopting a more targeted approach, after massive investments during the fund’s first two phases failed to deliver real breakthroughs beyond a surprisingly sophisticated Huawei Technologies Co. mobile processor in 2023.
中国的大基金多年来将资金分散投入半导体产业的多数领域，从中芯国际等领先制造商到小型设计公司。如今该基金正转向更有针对性的投资策略，此前其前两期大规模投资未能取得实质性突破，唯一的例外是 2023 年华为技术有限公司出人意料地推出了一款精密的移动处理器。

Read More: China’s Big Chip Fund to Exceed $47.5 Billion Goal, Adviser Says
延伸阅读：顾问称中国大芯片基金规模将超过 475 亿美元目标

Big Fund III is preparing to make its first major investments in coming months, the people said. Part of its directive is to spur industry consolidation, through deal-making or otherwise, they added.
知情人士透露，国家大基金三期计划在未来数月内启动首批重大投资。他们补充称，该基金的部分使命是通过并购交易等方式推动行业整合。

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If the new vehicle achieves the scale it originally aimed for, it will be China’s largest-ever semiconductor fund, bigger than the previous two phases combined. It counts China’s Ministry of Finance, state-owned banks and several local government-backed funds as limited partners, according to corporate data provider Tianyancha. It’s created three sub-funds to help identify investment targets throughout the supply chain, the people said.
若该基金最终达到最初设定的募资规模，将成为中国有史以来规模最大的半导体产业基金，超过前两期基金总和。企业数据平台天眼查显示，其有限合伙人包括中国财政部、国有银行及多个地方政府背景基金。知情人士称，该基金已设立三个子基金，用于发掘半导体全产业链的投资标的。

China’s Ministry of Finance did not respond to a faxed request for comment. Messages to an email for Big Fund III listed on Tianyancha went unanswered.
中国财政部未回复传真置评请求。天眼查上显示的国家大基金三期联系邮箱亦未予回应。

It’s unclear whether the fund’s managers have identified potential investment or deal targets. Some of the biggest names in China’s chipmaking equipment space include Shanghai Zhangjiang High-Tech Park Development Co., which holds an 11% stake in privately-held lithography machine maker Shanghai Micro Electronics Equipment Group Co.
目前尚不清楚该基金管理方是否已确定潜在投资或交易目标。中国芯片制造设备领域的一些知名企业包括上海张江高科技园区开发股份有限公司，该公司持有民营光刻机制造商上海微电子装备集团 11%的股份。

Chinese media outlets have also speculated that Huawei eventually wants to build its own lithography machines, required to make cutting-edge AI chips that can rival Nvidia Corp.’s offerings. Empyrean Technology Co. is one of Chinese’s best hopes of competing with leading global chip design software providers including Cadence and Synopsys.
中国媒体还推测，华为最终希望自主研发光刻机，这是制造能与英伟达产品抗衡的尖端人工智能芯片所需的关键设备。华大九天是中国最有希望与楷登电子、新思科技等全球领先芯片设计软件供应商竞争的企业之一。

China’s national chip fund was inaugurated about a decade ago with roughly 100 billion yuan in capital, and has since spearheaded the state’s investments in all things semiconductors. It’s serving as an important signal of Beijing’s policy imperatives, as well as a scorecard for government endorsement.
中国国家集成电路产业投资基金（简称"大基金"）成立于约十年前，初始资本约 1000 亿元人民币，此后一直主导着国家对半导体全产业链的投资。该基金既是北京政策导向的重要风向标，也是政府支持力度的晴雨表。

In recent years though, it’s faced setbacks in achieving its mission, both internal and external. The US banned Nvidia from selling its best AI accelerators to China, while allies such as Japan and the Netherlands have joined the campaign to ringfence the country’s tech sector. Stung by a lack of scientific achievement, Beijing initiated a series of anti-graft probes into top chip industry officers in 2022.
然而近年来，中国在实现这一目标时遭遇了内外双重挫折。美国禁止英伟达向中国出售其最先进的人工智能加速器，日本、荷兰等盟友也加入了对中国科技行业的围堵行动。由于科技突破乏力，北京于 2022 年对芯片行业高层官员展开了一系列反腐调查。