The Shanghai Integrated Circuit Investment Fund (SICIF) has announced a plan to invest 20 billion yuan (about $3 billion) in foundry Semiconductor Manufacturing International Corp. (SMIC) and two other Shanghai-based chip manufacturers, according to a Moody's Investors Service report. Although the funds are to be split between three manufacturers Moody's expects SMIC to get at least one quarter or about $750 million. Moody's sees the announcement as positive for SMIC which is China's leading chip foundry but one that is struggling to get close enough to the leading-edge to trouble market leaders such as TSMC, Samsung and Globalfoundries.

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