SHANGHAI (Reuters) – China’s Xiaomi Corp has taken a stake of roughly 6% in compatriot chip designer VeriSilicon Holdings Co Ltd, as the smartphone maker revamps its years-long pursuit of success in semiconductors which it sees as central to driving innovation.
The investment comes as the government identifies chips as one of several sectors in which it wants the country to become more self-reliant under its “Made in China 2025” initiative.
Filing - China - Securities - Regulatory - Commission
In a filing to the China Securities Regulatory Commission (CSRC) published online on Thursday, VeriSilicon revealed a fund run by Xiaomi became its second-largest external shareholder in June.
Xiaomi Corp confirmed the investment to Reuters. None of the companies disclosed its monetary value.
VeriSilicon - Shareholder - China - Integrated - Circuit
VeriSilicon’s biggest external shareholder is the China Integrated Circuit Industry Investment Fund, a centralized, national-level fund for the domestic semiconductor industry, popularly known as “The Big Fund”.
The firm is headquartered in Shanghai and has research and development centers at home and in the United States. It typically works as a contractor to other chip companies, helping them complete additional parts of semiconductor design.
Xiaomi - Smartphone - Beginning - Decade - Seller
Xiaomi grew rapidly since releasing its first smartphone at the beginning of the decade, becoming the fourth-biggest seller worldwide in the first quarter of this year,...
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