International Finance Corp (IFC), the private-sector investment arm of the World Bank, has announced plans to step up investment in the mainland electronics industry. Sanjay Puri, who handles technology projects for IFC, said the group was searching for investments in the semiconductor foundry, chip-testing and packaging, flat-panel display and other electronics industries. 'Because of [the country's] inherent competitiveness, we're seeing a shift in the value chain to China,' Mr Puri said during a presentation at Semicon China, a conference for the mainland chip industry, in Shanghai. IFC has invested US$1.5 billion in 65 projects in China, ranging from Wumart Stores to Minsheng Bank. But the group has just two technology investments on the mainland: chip foundry CSMC Technologies and banking software developer Great Infotech. IFC China country manager Karin Finkelston said the group poured US$200 million into the mainland last year and aimed at doubling this within two years. IFC typically invested at least US$10 million per project and as much as $75 million. But Ms Finkelston could not say how much of the estimated US$300 million IFC planned to invest in China this year would go to technology companies. 'It depends on which projects we can find and which projects find us,' she said. Though CSMC is planning a US$200 million initial public offering in Hong Kong for as early as next month, she said IFC would not be selling its shares. The group invested for the long term, typically eight to 15 years, she said. CSMC chairman and chief executive Peter Chen refused to be drawn on the timing or details of his company's IPO, saying the chipmaker was in a 'quiet period'. The firm would be the second mainland chipmaker to list in Hong Kong after Semiconductor Manufacturing International Corp (SMIC). Last year, CSMC won US$67 million in investment from a consortium, including IFC, 3i, Crown Crystal Investments and Templeton Asset Management. Mr Chen drew a distinction between CSMC and rivals such as SMIC and Grace Semiconductor, which target global customers with advanced manufacturing technology. CSMC uses older technology to produce chips for the replacement market - mainland electronics firms seeking to displace imports with cheaper products. The firm's potential customer base is also being swelled by the growing ranks of Chinese chip design companies.