August 10, 2022
China corruption watchdog is probing the head of state-backed chip-focused ‘Big Fund’: details

It announced a similar investigation by a former executive linked to the fund two weeks after China’s corruption watchdog said it was investigating the head of the country’s largest state-backed chip investment fund.

Ding Wenwu, the head of the China Integrated Circuit Industry Investment Fund, also known as the “Big Fund”, is “suspected of serious violations of the law” and is “currently undergoing disciplinary review, according to the Central Disciplinary Inspection Commission. said on Saturday.

It did not disclose further details. Reuters was unable to reach Ding for comment. Big Fund did not immediately respond to a request for comment.

China launched Big Fund in 2014 as a means of accelerating its semiconductor industry, which is considered to lag behind the United States, Taiwan and South Korea.

The organization raised CNY 138.7 billion (about Rs 162 crore) for its first fund and CNY 204 billion (about Rs 238 crore) for its second fund.

Over the years, the fund has provided financing to Semiconductor Manufacturing International Corporation, China’s leading chip fab, Yangtze Memory Technologies Co., Ltd. (YMTC), a manufacturer of flash memory, and a number of smaller companies and funds.

In July, CCDI announced that it had placed Lu Jun, the former head of investment firm China IC Capital, which managed Big Fund under investigation, citing “serious breaches of discipline and the law”.

© Thomson Reuters 2022

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