Chinese contract chip manufacturer XMC is building a 3D NAND fab.
It’s funded up to $24bn by the China IC Industry Investment fund, Hubei IC Investment Fund, CDB Development Fund and Hubei Technology Investment. The China IC Industry Investment Fund is a state-backed funding initiative aimed at lessening China’s dependence on imported chips. It has already invested in Hong Kong-listed SMIC and it channels money from its own investors, such as China Development Bank Capital, China Tobacco, E-Town Capital, China Mobile, Shanghai Guosheng Group, China Electronics Technology Group Corp, Tsinghua Unigroup Communications and Sino IC Capital. XMC could produce 300,000 3D chips in 2020.