By Greg Gao

(JW Insights ) March 15 -- Qingdao, the coastal city of eastern China’s Shandong Province, has established a new industry fund called Qingdao Integrated Circuit and Digital Infrastructure Industry Fund with a capital of RMB 3 billion ($436 million) to support the industries, JW Insights learned.

The Fund was jointly established by state-owned QDHF(青岛海发) and CMC Capital. It will roll out the first funding phase of RMB1 billion($145 million). The Fund aims to set up an IC research institute, launch an integrated circuit industry fund and build a supporting park for the semiconductor industry supply chain, said QDHF.

It intends to introduce and nurture high-quality IC companies that can complement and link up with advanced manufacturers in Qingdao, such as Haier and BOE and create a top-tier semiconductor manufacturing cluster in the city, according to QDHF.