pakistan

China to launch new $40 bln state fund to boost chip industry, sources say

Published

9 months ago

September 5, 2023

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China to launch new $40 bln state fund to boost chip industry, sources say

China is set to launch a new state-backed investment fund that aims to raise about $40 billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the U.S. and other rivals.

It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund.

Its target of 300 billion yuan ($41 billion) outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively.

One main area of investment will be equipment for chip manufacturing, said one of the two people and a third person familiar with the matter.

President Xi Jinping has long stressed the need for China to achieve self-sufficiency in semiconductors. That need has become all the more pressing after Washington imposed a series of export control measures over the last couple of years, citing fears that Beijing could use advanced chips to boost its military capabilities.

In October, the U.S. rolled out a sweeping sanctions package that cut China’s access to advanced chipmaking equipment and U.S. allies Japan and the Netherlands have taken similar steps.

The new fund was approved by Chinese authorities in recent months, two of the people said.

China’s finance ministry is planning to contribute 60 billion yuan, said one person. Other contributors could not be immediately learned.

All the sources declined to be identified as the discussions were confidential.

The State Council Information Office, which handles media queries on behalf of the government, the finance ministry and the Ministry of Industry and Information Technology did not immediately respond to Reuters requests for comment.

The Big Fund also did not immediately respond to requests for comment.

INVESTMENTS TO DATE
The fundraising process will likely take months and it was not immediately clear when the third fund will be launched or if further changes will be made to the plan, said the first two sources.

Backers of the Big Fund’s previous two funds include the finance ministry and deep-pocketed state-owned entities such as China Development Bank Capital, China National Tobacco Corporation and China Telecom.

Over the years, the Big Fund has provided financing to China’s two biggest chip foundries, Semiconductor Manufacturing International Corporation (0981.HK) and Hua Hong Semiconductor (688347.SS), as well as to Yangtze Memory Technologies, a maker of flash memory and a number of smaller companies and funds.

Despite those investments, China’s chip industry has struggled to play a leading role in the global supply chain, especially for advanced chips.

INVESTMENT MANAGERS
The Big Fund is considering hiring at least two institutions to invest the new fund’s capital, said the three people.

Several senior officials and former officials at SINO-IC Capital, the sole manager for the Big Fund’s first two funds, have been under investigation by China’s anti-graft authority since 2021.

Even so, SINO-IC Capital is expected to remain one of the managers for the third fund, said two of the people.

SINO-IC Capital did not immediately respond to a request for comment.

Chinese officials have also reached out to China Aerospace Investment, the investment arm of state-owned China Aerospace Science and Technology Corporation, to discuss being one of the managers, said two of the people.

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KP CM Gandapur’s interim bail extended till May 28 in arson attack case

Published

1 day ago

May 18, 2024

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KP CM Gandapur's interim bail extended till May 28 in arson attack case

A district and sessions court of Rawalpindi on Saturday extended the interim bail of Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur till May 28.

The additional district and sessions judge conducted hearing of interim bail plea for Ali Amin Gandapur in a case of arson and meddling government affairs. Advocate Muhammad Faisal Malik appeared on behalf of the KP chief minister.

During the hearing, a request was submitted by KP CM Gandapur for exemption from attending court proceedings which was accepted by the court.

Gandapur had made the request due to his official engagement in government affairs. Later, the additional district and sessions judge extended the interim bail of CM Gandapur till May 28.

It should be remembered that a case was registered against Gandapur in Nasirabad police station.

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pakistan

CM Maryam directs measures for land record digitalisation

Published

1 day ago

May 18, 2024

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Punjab Chief Minister Maryam Nawaz has issued directives to implement concrete measures for the digitalization of land records across the province.

Presided over a crucial session focused on Board of Revenue reforms, CM Nawaz received a comprehensive briefing on the Punjab Urban Land Systems Enhancement (PULSE) project.

During the session, officials from the Punjab Land Record Authority and Management of State Land provided insights into the project’s business plan and execution strategies.

The digitalization of land records under the PULSE project is being undertaken with the support of the World Bank.

This ambitious initiative aims to digitize all land records in Punjab on an owner-based system, marking a significant step towards transparency and efficiency in revenue management.

Key highlights from the briefing include the categorization of land properties into clear, and disputed categories, denoted by green, yellow, and red respectively.

Each buyer will be assigned a unique property number, streamlining legal processes and reducing complications associated with property transactions.

The implementation of a transparent partition of land and parcel document system will enhance the transparency and fairness of revenue management.

The digitalization process will also simplify the Record of Rights (Fard) and property transfer system, ensuring accessibility and efficiency for citizens.

In a move to facilitate overseas Pakistanis, the government plans to introduce services such as overseas property transfer, mutation, registration, and e-survey.

CM Maryam Nawaz has underscored the importance of swift action and collaboration among relevant departments to expedite the digitalization of land records.

Provincial Information Minister Azma Bukhari, MPA Sania Ashiq, chief secretary, P&D chairman, SMU head and other officials attended the session.

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pakistan

PM directs envoy to extend all possible help to Pakistani students

Published

1 day ago

May 18, 2024

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PM directs envoy to extend all possible help to Pakistani students

Prime Minister Shehbaz Sharif on Saturday directed the Pakistani ambassador in Bishkek to provide all possible help to Pakistani students.

Prime Minister Sharif contacted the Pakistani Ambassador to Kyrgyzstan Hassan Ali Zaigham by telephone and directed to provide all kind of support and assistance to the Pakistani students. He also ordered the Pakistani ambassador to visit the hostels and meet the students.

On this occasion, the Pakistani ambassador informed the prime minister about the current situation in Bishkek and said no Pakistani was killed in the incident.

He said the embassy was assisting the wounded students. The prime minister emphasised to keep in constant touch with the parents of the students and provide them timely information.

PM Sharif directed that all kinds of medical facilities should be provided to the injured students, and arrangements should be made for immediate return of the injured students who were willing to return to Pakistan.

Government of Pakistan will bear the cost of return of students. The prime minister said he was personally monitoring the situation in Kyrgyzstan.

“We will not leave our students alone in this situation. Our government is also in touch with the government of Kyrgyzstan,” said the prime minister.

Prime Minister Shehbaz Sharif expressed deep concern over the attacks on students from Pakistan and other countries in Kyrgyzstan. He directed the Pakistani ambassador in Bishkek to provide all possible help to the Pakistani students.

A statement from the Prime Minister’s Office said the Pakistani Embassy had provided emergency numbers and was continuously monitoring the situation.

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