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Xiaomi Billionaire Leads New Fund to Boost China’s Chip Industry

March 3, 2023


Smartphone giant Xiaomi Corp., founded by Chinese tech billionaire Lei Jun, has set up a fund to invest in China’s chip industry, the latest effort to shore up the sector targeted by U.S. restrictions.

Xiaomi and software and cloud company Kingsoft Corp. are investors in the 10 billion yuan ($1.45 billion) fund, which is also backed by a handful of government-backed investors, according to a Kingsoft regulatory filing announcing the fund.

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