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​ICF to fund Haining semiconductor enterprise

chinadaily.com.cn| Updated : May 7, 2022

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The Haining (China) Pan Semiconductor Industrial Park is located in Haining, a county-level city administered by Jiaxing. [Photo/zj.zjol.com.cn]

China Integrated Circuit Industry Investment Fund Co Ltd (ICF) is planning to provide an additional investment of 350 million yuan ($52.05 million) to Zhejiang Puxin Electronic Technology Co Ltd to further promote the development of the semiconductor industrial chain in Haining, according to the Haining Municipal Bureau of Economy and Information Technology.

To fill the gap in semiconductor core components sector in China, Haining, a county-level city administered by Jiaxing, and Shanghai Wanye Co Ltd purchased Compart Systems Pte Ltd, a world-leading supplier of semiconductor components in 2020 and set up Zhejiang Puxin Electronic Technology Co Ltd.

In 2021, Zhejiang Puxin Electronic Technology Co Ltd received an investment of 3 billion yuan from Haining city to build manufacturing bases and research and development centers. These bases and R&D centers are expected to generate 1.5 billion yuan in revenue after completion.

Zhejiang Puxin Electronic Technology Co Ltd generated 920 million yuan in annual revenue in 2021.

Haining's pan-semiconductor industry currently has 115 enterprises above designated size and 27 projects that are under construction. In 2021, the total industrial output value and industrial added value of the pan-semiconductor industry in Haining both increased by nearly 20 percent year-on-year.