A coalition of China’s leading tech companies – including memory chipmaker ChangXin Memory Technologies (CXMT) and e-commerce giant Alibaba Group Holding – has launched a 3.91 billion yuan (US$577 million) private equity fund to boost its “hard tech” sectors amid tightening US tech export curbs.

The Changzhi Hanhai Private Investment Fund, registered last week in Shanghai’s Pudong New Area, aims to provide “patient capital” – long-term financing required for deep-tech research and development that traditional, short-term venture capital often shuns – according to data from corporate registry platform Qichacha and Chinese media reports.

The fund will pool capital from a mix of leading domestic tech firms and state-backed regional investment vehicles.

Changxin Xinju Equity Investment (Anhui) Co, a subsidiary of CXMT, held the largest stake at 30 per cent, followed by Dongguan Trust, a Guangdong-based trust service company, which controlled 29.4 per cent. SSCI Leading Fund, backed by Shanghai’s state-owned capital, possessed 20 per cent.

Hangzhou Haoyue Enterprise Management, an investment affiliate of Alibaba, had 10.2 per cent. Alibaba owns the South China Morning Post.

Advanced Micro-Fabrication Equipment (Amec), a top domestic semiconductor toolmaker, controlled 7.7 per cent.