China would launch the third phase of the Big Fund. The first phase of the fund was established in 2014 with registered capital of 138.7 billion yuan, and the second phase followed in 2019 with 204 billion yuan. The Big Fund has provided financing to China's two biggest chip foundries, Semiconductor Manufacturing International Corporation, and Hua Hong Semiconductor, as well as to Yangtze Memory Technologies, a maker of flash memory and a number of smaller companies and funds. One of the major area the third phase of the fund will will focus on is equipment for chip manufacturing. Also, the Big Fund is considering hiring at least two institutions to invest the capital from the third phase.