SMIC Wafer Equity Investment (Shanghai)

The two entities appear as frequent co-investors across multiple semiconductor projects and funds. The China Integrated Circuit Industry Investment Fund, known as the Big Fund, is the state-backed vehicle charged with building a self-sufficient Chinese chip industry; SMIC Wafer Equity provides the captive corporate capital that often co-invests on the same terms, aligning state industrial policy with the parent foundry's commercial supply-chain needs.

The strategy spans early-stage seed investments through late-stage expansion, covering the full lifecycle from materials research and startup prototyping to scaled fabrication-capacity deals. This broad mandate reflects the Chinese semiconductor sector's need to develop capabilities at every point in the value chain simultaneously.

Through its 'Entrusted Management Assets' classification in Shanghai, the firm can manage third-party capital, but the identity of external investors has not been publicly disclosed. Its primary capital source remains SMIC's corporate treasury, with co-investment partnerships structured on a deal-by-deal or fund-by-fund basis rather than through a single commingled vehicle.