China’s tech veterans to launch domestic tech ‘lifeline’ fund

SHANGHAI (Reuters) – Chinese tech veterans, including former executives at Huawei and SMIC, are planning to launch a “domestic replacement” fund by the end of the year to help create China’s next tech giant and support Chinese companies sanctioned by Washington. The fund launch comes amid a government-backed investment boom in China’s technology sector as Beijing competes with Washington in an increasingly acrimonious “tech war”. “China and the US are in a Great Power rivalry that will end only when there’s a knockout,” Zhang told Reuters in an interview. The new fund also aims to foster Chinese tech champions, capitalising on the expertise of a management team that also includes Joseph Xie, a founding member of SMIC, and Li Zhengyu, a former executive at Foxconn, Zhang said. ($1 = 6.8356 Chinese yuan )(Reporting by Samuel Shen and Josh Horwitz; Editing by Ana Nicolaci da Costa)

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