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

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Smartphone giant Xiaomi has set up a fund to invest in China’s chip industry, the latest effort to shore up the sector targeted by the U.S.

HONG KONG—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 sectorXiaomi and software and cloud company Kingsoft Corp. are investors in the 10 billion yuan 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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