Three tiers of capital run through China's chip ecosystem. The Big Fund (国家集成电路产业投资基金, phases I–III) takes minority stakes almost everywhere. Local state capital does the heavy lifting — and its form varies by city: Beijing uses holding companies (BEHC) and a zone fund (E-Town); Shanghai uses venture vehicles; Shenzhen uses a municipal investment group as a legal firewall around Huawei-linked fabs it owns outright; Hubei runs a three-tier province/city/district rescue architecture; Hefei co-founds firms with fabless partners.
Patterns worth noting: firms with no controlling shareholder (SMIC, YMTC, CXMT) — deliberate "national team" structures; equity as rescue (湖北长晟's RMB 30B YMTC recapitalization, 2023); equity as separation (YMTC selling 39% of XMC to district capital to clear two IPO paths, 2026); and IP as equity (CAS institutes capitalizing Gopptix with R&D intangibles).
Click any node for its ownership detail.