Chinese province plans 30 billion yuan semiconductor fund to promote chip industry

China’s southern Guangdong province is planning to launch a second phase of a semiconductor fund with a scale of 30 billion yuan (USD 4.37 billion), state media Securities Times reported on Tuesday.

The fund will have a term of 17 years and will invest in auto chips and equipment for semiconductor material, Jin Shenghong, chairman of a trust company called Yuecai Holdings said at a semiconductor event in Guangdong on Tuesday, according to Securities Times.