Map / Money and funders
China Big Fund
China Integrated Circuit Industry Investment Fund (Big Fund) and National AI Industry Investment Fund. Chinese state chip fund (Phase III) and the AI fund it controls; state money behind domestic chipmakers and, via the AI fund, an investor in DeepSeek.
Depends on
No sourced links yet.
Supplies
- DeepSeek: China's national AI fund (backed mainly by the Big Fund) in final talks to join DeepSeek's first round; amount not given. Equity investment, amount not disclosed. Reuters via MarketScreener, 2026-06-03
AI money
Fund sizes are registered capital (money pledged, paid in over time), not money spent.
Where the money comes from
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Government money from China regulators | $47.5B | Big Fund Phase III, registered May 24, 2024 | Registered capital RMB 344B (Reuters' rate 7.2449). Ministry of Finance largest holder (17%, RMB 60B), China Development Bank Capital 10.5%, five big state banks about 6% each. Earlier phases: RMB 138.7B (2014) and RMB 204B (2019). Reuters via Investing.com, 2024-05-27 |
Where it goes
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Investing in AI companies to National AI Industry Investment Fund | $8.2B | fund approved 2025-01-17 | RMB 60.06B registered capital, controlled by Big Fund III with a Shanghai state asset manager; makes early-stage AI equity investments (SCMP conversion ~US$8.2B). The Standard (Hong Kong), 2025-01-21 |
| Investing in AI companies to DeepSeek | amount not disclosed | June 2026 | Reuters: China's national AI fund (main backer: the Big Fund) was in final talks to join DeepSeek's first round; amount not given. Reuters via MarketScreener, 2026-06-03 |
Money flows with other companies
| Money from | Money to | Type | Amount | What, and source |
|---|---|---|---|---|
| China Big Fund | DeepSeek | Equity investment | amount not disclosed | China's national AI fund (backed mainly by the Big Fund) in final talks to join DeepSeek's first round; amount not given. one-time Reuters via MarketScreener, 2026-06-03 |
Amounts in US dollars. "Up to" amounts are maximums or depend on conditions. See Does it add up? for the full picture.
Data as of 2026-10-30. Cite as: Ye, Mike. "China Big Fund" (china-big-fund). AI Lattice, dataset v0.3.0. https://ailattice.ai/e/china-big-fund/. How to cite.