In one week, there were two investments, with the first days floating profit exceeding 460 million! Changjiang Storage's investment fund has made four moves in 2026.

Yangtze Storage's industrial investment fund has been making continuous moves. On August 10, Chengdu Ultra-Pure Applied Materials completed its IPO strategic placement, with Changchun Capital participating as an investor. The next day, the Changchun Industrial Investment Fund pledged an investment of 16.667 million yuan, completing a strategic investment in Ruipin Semiconductor. Within a week, both an IPO allocation for a mature materials company and a strategic investment in an early-stage wafer foundry were finalized. Coupled with previous investments in Qinghe Jingyuan and Shenzhen Dapu Microelectronics, a reporter from the Science and Technology Innovation Board Daily noted that since 2026, Yangtze Storage's industrial investment fund has made four moves, covering key sectors such as semiconductor equipment, materials, chip design, and wafer manufacturing. Double Investment in One Week The first deal finalized was the IPO strategic placement of Ultra-Pure Applied Materials (301717.SZ). Chengdu Ultra-Pure Applied Materials is a leading supplier of semiconductor-grade high-purity quartz products and advanced ceramic materials in China. Its products are widely used in high-temperature processes such as diffusion and etching during chip manufacturing, as well as precision components for etching machines and CVD equipment. These two types of materials are critical consumables in the wafer manufacturing process, directly impacting yield rates and equipment lifespan. Ultra-Pure Applied Materials' customers include major domestic wafer manufacturers and semiconductor equipment providers, making it an important player in the domestic substitution process for semiconductor materials. Changchun Capital, through its Changchun Hongtu Fund, participated in this strategic placement by subscribing to 1,060,700 shares for approximately 70 million yuan. On its first day of trading, Ultra-Pure Applied Materials opened at 450 yuan per share, an increase of 581.92%; it peaked during the day at 554.73 yuan and ultimately closed at 503 yuan, with a total increase of 662.24%. Based on the days closing price, the market value of this investment by Changchun Capital is approximately 533 million yuan, a paper profit exceeding 460 million yuan compared to the initial investment of around 70 million yuan. The following day, Changchun Capital made headlines again, announcing a strategic investment in Ruipin Semiconductor through its Changchun Industrial Investment Fund, pledging 16.667 million yuan for a 0.6584% stake. Unlike Ultra-Pure Applied Materials, Ruipin Semiconductor is a wafer foundry still in its startup phase. Founded in March 2022, Ruipin Semiconductor focuses on the FD-SOI process route and is in the process of building the only 12-inch FD-SOI (Fully Depleted Silicon On Insulator) specialized production line in South China, providing foundry services for automotive chips, wireless RF, and low-power MCUs. Currently, this production line is still under construction and has not yet achieved mass production. The investment in Ruipin Semiconductor from Changchun's industrial investment fund has drawn attention in the industry, with many interpreting FD-SOI as a "shortcut for domestic substitution bypassing EUV." However, discussions with various semiconductor investors revealed to the Science and Technology Innovation Board Daily that this notion is incorrect. A seasoned semiconductor investor indicated that FD-SOI is a specialized process primarily used for analog-digital mixed circuits, making it a relatively narrow niche market. The claim of "bypassing EUV restrictions" fundamentally misrepresents the logic: EUV has become a bottleneck for advanced processes because the FinFET route requires shorter wavelength light sources to etch narrower line widths at nodes of 7nm and below. However, FD-SOI at the 22nm planar process node does not need to reach that stageit is limited to specific fields such as analog-digital mixing, RF, and low power, rather than focusing on high-performance digital chips. In his view, equating "not requiring EUV" with "bypassing EUV restrictions" is conceptually inaccurate. Another industry participant noted that the biggest challenge for FD-SOI is that substrate costs are about 2-3 times higher than bulk silicon, and currently, most global manufacturers capable of large-scale FD-SOI production are located overseas, such as STMicroelectronics and GlobalFoundries. The domestic landscape for EDA tools, IP libraries, and ecosystem development in this route is still in its early stages, and large-scale commercialization will take time. It can be said that Ruipin Semiconductor represents a strategic investment by Changchun in a differentiated routeretaining an observation position on an early-stage technology pathway with a cost of less than 17 million yuan. Investors who have engaged with Changchun Capital reveal that they have been quite active in the industry, closely monitoring various technology routes. Formation of the Industrial Investment Landscape According to public information, the shift in Changchun Capital's strategy began last year. Previously, Changchun Capital's layout resembled an exploratory phase. Established in November 2022, it is the first independent platform within the Yangtze Storage system focused on equity investment and capital operations. A year later, its first fundthe Changchun Industrial Investment Fundwas officially launched, executing three deals in the following two years. By 2025, there was a notable change. First, the number of investments increased significantly. As of October 2025, the Changchun Industrial Investment Fund had completed investments in 14 projects, a substantial proportion of which were initiated in 2025, with companies such as Nanjing Zhong'an Semiconductor, Wuxi Jinyuan Semiconductor, Dongguan Touchpoint Intelligence, Chengdu Titan Testing, and Jiangsu Shenzhou Semiconductor joining in that year. Simultaneously, the fund structure of Changchun's industrial investment has expanded. In September 2025, Changchun Hongtu Equity Investment (Wuhan) Partnership was established, with a capital contribution of 500 million yuan. Hongtu Fund aims at mature projects, primarily engaging in strategic placements and private placements. Although the Hongtu Fund has only been operating for a short time, it has moved quickly, having directly invested in five projects, all focused on the semiconductor and new materials sectors, with investment timeframes ranging from November 2025 to August 2026, indicating a concentrated effort. The five companies include already listed or soon-to-be-listed businessesShenzhen Dapu Microelectronics, Chengdu Ultra-Pure Applied Materials, Qiangyi Semiconductor, Xiamen Hengkun New Materials Technology, and Shenzhen CSL Vacuum Science and Technology. So far, Shenzhen Dapu Microelectronics has reported a paper return multiple of 9.48 times, Chengdu Ultra-Pure Applied Materials 8.15 times, and Qiangyi Semiconductor 5.51 times. Another noteworthy signal is that Changchun Capital itself is also expanding. On June 18 this year, Changchun Capital completed a business registration change, increasing its registered capital from 300 million yuan to approximately 810 million yuan, an increase of around 169%. This is the second significant capital increase after a round of financing in August 2023 raised it to 300 million yuan. This round of funding occurred about a month after Changchun Group commenced its IPO counseling on May 19, 2026, indicating that the listing process has not slowed down the pace of industrial investment but has, in fact, prepared more capital for subsequent investments. According to data from Financial Associated Press, as of now, Changchun Capital has a total of 21 underlying investment projects. Reviewing its investment portfolio, the most immediate impression is focusof the 21 projects, 18 fall within the semiconductor sector, covering multiple aspects such as materials, equipment, design, and packaging, forming a clear industrial chain synergy with the parent company, Yangtze Storage, and investing almost exclusively in areas it understands. Among the projects that have been invested in, the total number of listed and pre-listed companies reaches 12, and the fund's paper returns currently appear to be considerable: for projects that have generated measurable stock value, the Changchun Industrial Investment Fund has cumulatively invested 270 million yuan, with the latest stock value reaching 1.21 billion yuan, resulting in a current paper return multiple of 4.48 times; the Changchun Hongtu Fund has cumulatively invested 232 million yuan, with the latest total stock value at approximately 1.574 billion yuan, leading to a current paper return multiple of 6.78 times. It should be noted that the high IPO rate of this batch of projects is closely related to the semiconductor IPO boom anticipated from the second half of 2024 to 2026 and the upward cycle of storagemany projects entered the market through strategic placements and cornerstone allocations prior to listing, resulting in a higher degree of certainty than early-stage investments. Moreover, the investment from Changchun Capital brings more than just financial returns. Although Ruipin Semiconductor is registered in Guangzhou, it has established a subsidiary in Wuhan's East Lake High Technology Group district with a registered capital of 50 million yuan and is currently recruiting R&D engineers in Wuhan. Chongqing Genori Technology also exemplifies the typical investment layout of Changchunthis semiconductor equipment component company secured investment from the Changchun Industrial Fund in a Pre-IPO round at the end of 2023 and made its debut on the Science and Technology Innovation Board in June this year. Just two months post-listing, it announced plans to invest 520 million yuan in Wuhan Optics Valley to build a R&D and production base, focusing on core materials for silicon carbide and high-purity silicon precision components. Trends of invested companies gathering in Wuhan are already starting to manifest. At the same time, the driving effect of Yangtze Storage as a "chain master" is also spilling over. In 2025, Yangtze Storage successfully broke through sixth-generation 3D flash memory technology, leading to the establishment of over 40 downstream supporting enterprises that year. Local state-owned enterprises near Yangtze Storage have indicated that their semiconductor groups essentially revolve around investing in the industrial chain's upstream and downstream spurred by Yangtze Storage. Currently, with Yangtze Storage as the "chain master," Wuhan is deploying the "Wutong Tree Plan," aiming to create a "5-minute cooperation circle" within a radius of 4.5 kilometers. The Optics Valley area has gathered over 300 integrated circuit industry chain enterprises, with output value rising from around 5 billion yuan in 2014 to over 100 billion yuan, achieving an average growth rate of 30% over the past five years. With Yangtze Storage, Wuhan Xinxin, and others as "chain masters," Optics Valley has formed a complete industrial chain covering chip design, manufacturing, packaging, and testing. From platform building to the formation of two funds with distinct roles, Changchun Industrial Investment has gradually established a dual-track structure of "early industry positioning + mature project investment." However, it should also be noted that the impressive paper appreciation reported by Changchun Industrial Investment currently arises from project selection and benefits from the semiconductor cycle recovery; compared to short-term gains, its industrial investment capability will ultimately need to be assessed based on supply chain integration, unlock exits, and performance across the full cycle. This article is reprinted from Financial Associated Press, edited by GMTEight: Chen Yufeng.