Another Three Executives of China's Biggest Chip-focused Fund Under Probe

HeatherZou

HeatherZ...

· 8月10日

Up to now, six senior executives of China Integrated Circuit Industry Investment Fund, known as the "Big Fund", and its management company have been taken away for investigation.

Image source: China Visual

Image source: China Visual

BEIJING, August 10 (TMTPOST) – Three more executives are under investigation in the latest of a series of graft scandals that rattled China's chip industry.

Du Yang, former director of Sino Integrated Circuit Capital CO. Ltd., and Yang Zhengfan, deputy general manager of the third investment division of the Sino IC Capital, were accused of violating disciplinary regulations. Liu Yang, former general manager of the second investment department of this company, was suspected of breaking regulations and law, the Central Commission for Discipline Inspection (CCDI) announced on Tuesday. 

Up to now, six senior executives of China Integrated Circuit Industry Investment Fund, known as the "Big Fund", and its management company have been taken away for investigation.

The "Big Fund" was launched in 2014 with the capital of 138.7 billion RMB ($20.54 billion) in an effort to accelerate the growth of China's home-grown semiconductor industry. It focuses on investing in integrated circuit chip manufacturing industry, including chip design, packaging and testing. As the sole manager, Sino IC Capital undertakes the investment business of the fund.

The anti-corruption campaign against the chip fund started in July. On July 14, Lu Jun, the former president of Sino IC Capital was investigated by the CCDI. After that, Yang Zhengfan, who was responsible for the material and equipment investment of the fund and was the director of more than ten semiconductor companies, was also taken away.

Last Tuesday, Liu Yang was under probe. He was in charge of the chip design investment of the fund.

On Monday, Du Yang, the former director of Sino IC Capital, was put under investigation. Du Yang was previously the investment director and Shanghai branch manager of Sino IC Capital and worked with Lu for many years. When Du was taken away, he was the chairman of Sino IC Leasing. 

On the evening of Wednesday, semiconductor maker AMEC (688012. SH) and Piotech (688072. SH) announced that Yang, a director of the company, is suspected of breaking  serious disciplinary regulations and is currently under investigation by the CCDI. Given the above reasons, Yang is unable to fulfill his duties. 

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