On May 28, the National Integrated Circuit Industry Investment Fund (Big Fund) disclosed further stake reductions in multiple semiconductor firms. It sold 33.05 million shares of NSIG from May 20–28 via block trades, lowering its stake from 13.89% to 12.89% . At Debang Technology, the fund sold 1.42 million shares (half via auction, half via block) between May 19–28, reducing ownership from 12.90% to 11.90% . Exchange filings also showed the Big Fund’s long position in SMIC H‑shares fell from 8.08% to 7.99% .

Over the past year, 14 A‑share semiconductor firms have issued 33 Big Fund reduction announcements. However, market impact has been limited: stocks rose an average of 0.77% on the announcement day , 1.82% over five days , and 3.62% over ten days .

ICgoodFind: The Big Fund’s routine, plan‑driven exits are well absorbed by the market – no sign of sustained price pressure.