A signing ceremony for the China-South Korea Semiconductor Fund is held in Wuxi New District. [Photo/WeChat account: xinwu_wx]

On Aug 20, a signing ceremony for the China-South Korea Semiconductor Fund was held in Wuxi New District, also known as Xinwu district.

The 1-billion-yuan ($140.24-million) fund aims to encourage leading South Korean semiconductor companies to establish projects in WND and aid in the industrialization and capitalization of South Korean-funded enterprises.

The fund helped bring several high-quality South Korean projects into WND before its launch. These projects span various sectors, including semiconductor materials, components, precision manufacturing, and high-end testing equipment. Agreements for two projects invested by Nextin and Gigalane have already been signed in the district.

Cui Rongguo, Party secretary of Xinwu, emphasized the strong and mutually supportive relationship between WND and a significant number of South Korean enterprises. He said that China's vast market offers tremendous growth opportunities for businesses, while the active involvement of these enterprises contributes to local economic development. Cui expressed hope that the launch of the fund would accelerate the growth of the integrated circuit industry in WND.

Kim Hyun-jun, general manager and partner of SL Capital, which is one of the founders of the fund, said that the fund would strive to introduce high-quality resources and bring in innovative projects to establish a benchmark for semiconductor fund initiatives.