AsianFin -- SiCarrier, a Chinese chip equipment startup with close ties to Huawei, is targeting $2.8 billion in its debut fundraising round, according to two people familiar with the matter.

The move comes as the company looks to expand its customer base and increase its influence in China's semiconductor sector.

Founded in 2021 and backed by the Shenzhen municipal government, SiCarrier was little known until recently. It has now become one of the most closely watched players in China’s chip industry, as its broad ambitions and product roadmap come into focus.

Although widely regarded as a key supplier to Huawei, SiCarrier aims to go beyond that role. According to four sources, the company is positioning itself to overtake domestic rivals Naura and Advanced Micro-Fabrication Equipment China (AMEC) to become China’s leading chipmaking equipment manufacturer.

SiCarrier's rise underscores how U.S. export controls on advanced chips and semiconductor manufacturing tools have inadvertently accelerated Beijing’s push for technological self-reliance, in line with President Xi Jinping’s vision of a homegrown, resilient chip industry.