China’s National Integrated Circuitry Investment Fund (here referred to as “National IC Fund”) has committed to invest nearly RMB 70 billion into the domestic semiconductor sector since its creation in 2015. Approximately 60% of the committed investment amount has been allocated to building semiconductor wafer fabs, according to TrendForce’s analysis. After finishing providing capital for projects related to semiconductor manufacturing, the National IC Fund is expected to concentrate its investments on the development of the domestic fabless IC design industry.