A group of Chinese technology companies, led by memory chipmaker ChangXin Memory Technologies (CXMT), established a 3.91 billion yuan (US$577 million) private equity fund named Changzhi Hanhai to back long-term semiconductor research and development efforts [1, 2]. The fund was registered in Shanghai's Pudong New Area in early June 2026 [1, 2].
The fund aims to provide "patient capital" tailored for deep-tech semiconductor R&D, which requires long time horizons and substantial funding not suited for typical venture capital investors [1, 2]. It will prioritize strategic investments in semiconductor technologies with a focus on sustained growth rather than short-term financial returns [2].
Shareholders in the fund include Changxin Xinju Equity Investment, a subsidiary of CXMT, holding 30%; Dongguan Trust with 29.4%; Shanghai state-backed SSCI Leading Fund and Shanghai Guotou Xiandao IC Private Equity Fund controlling 20%; Alibaba-affiliated Hangzhou Haoyue Enterprise Management holding 10.2%; an affiliate of Advanced Micro-Fabrication Equipment with 7.7%; and Shanghai Chuangxin Zhiyuan holding 2.7% [1, 2].
The fund emerges amid China's broader push for semiconductor self-sufficiency and domestic advanced chipmaking capabilities amid tightening US export restrictions [1, 2]. CXMT is also planning a stock listing in Shanghai to raise capital for expanding chip production capacity, indicating the company's bid to grow its share in the global DRAM market [2].
The establishment and registration of Changzhi Hanhai in Pudong New Area in early June marks the fund's formal start and allows it to begin deploying capital toward semiconductor R&D projects aligned with China's strategic technology goals [1, 2].
