China's leading chipmaker Semiconductor Manufacturing International Corp. (SMIC) announced two fundraising plans so far this month in a bid to ramp up production. Caixin (May 19) said China is trying to become more self-sufficient in high-tech components like microchips following recent efforts by the U.S. to limit Chinese companies’ access to such products, especially Chinese telecom giant Huawei Technologies Co. Ltd. SMIC said in a statement on May 15, that it secured funding from two state-owned funds, $1.5 billion from China IC Fund II and $750 million from Shanghai IC Fund II, the Hong Kong-listed company.