Oceanpine Investee Company——FerroTec, a maker of semiconductor wafers, has raised 3.3 billion yuan ($511 million) in a Series B round of financing to advance its manufacturing capability, according to a statement.
The fresh round was co-led by Capital Operation, a state investor that managed 224 billion yuan ($35 billion) in assets in 2020, as well as the semiconductor industry-focused Sunic Capital.
A slew of new investors participated in the round including State Development & Investment Corp (SDIC)’s subsidiary SDIC Chuangyi, China Construction Bank’s investment arm CCB International, China SME Development Fund, and Bank of Communications’ BOCOM International Holdings, among others.
Returning investors CICC Capital, Orient Securities Capital Investment, FTZ Fund, and fibre optical manufacturer YOFC made follow-on investments.
With the new funding round, FerroTec is poised to tap the production line of 12-inch silicon wafers in a bid to reach a capacity of 200,000 monthly by end-2022, it claims.
The latest round follows the completion of a nearly 4 billion yuan ($620 million) Series A round in November last year from investors such as CICC Capital, Orient Securities Capital Investment, FTZ Fund, YOFC, Jack Ma’s Yunfeng Capital and Oceanpine Capital.
The country’s “Made in China 2025” plan seeks to transform self-dependence in the semiconductor industry, besides securing China’s position as a global powerhouse in high-tech industries.
Source: Oceanpine Capital
