Shenzhen has doubled down on efforts to advance China’s hi-tech self-sufficiency drive by establishing an international sourcing platform for semiconductors and other electronics components amid US trade restrictions.
The Electronic Components and Integrated Circuits International Trading Centre Co, based in the city’s Qianhai economic zone, has registered at local market authorities and received its business licence on December 30, according to announcements made on Tuesday by several shareholders of the new entity.
This trading centre, with an initial capitalisation of 2.1 billion yuan (US$304 million), is financed by 12 state-owned enterprises and private companies, including its biggest shareholders telecommunications equipment maker China Electronics Corp (CEC) and local government fund Shenzhen Investment Holdings.
CEC and subsidiary China Electronics Information Service Co each invested 380 million yuan in the trading centre, securing a similar 17.8 per cent interest for each firm, while Shenzhen Investment injected 760 million yuan to obtain a 35.7 per cent stake. Other backers include electronics firm Shenzhen Huangqiang Industry Co, with a 3.5 per cent share, and chip firm Shannon Semi, with a 1.7 per cent stake.
Read More at https://www.scmp.com/tech/big-tech/article/3205560/us-china-tech-war-shenzhen-set-become-international-sourcing-hub-semiconductors-electronics-new