China puts another semiconductor fund executive under probe, Caixin reports
- Ren Kai, a senior investment manager at China’s state-backed semiconductor investment fund, under investigation according to reports
- Investigation of Ren follows similar probes of other chip fund executives for ‘severe violations of laws and disciplines’
China’s discipline authority is probing another semiconductor investment fund executive for suspected corruption, as the country’s anti-graft campaign in the chip industry gathers pace, Chinese magazine Caixin reported, citing unidentified sources.
The investigation of Ren Kai, vice-president at Sino IC Capital, the sole management entity of the China Integrated Circuit Industry Investment Fund – also known as the Big Fund – follows similar probes of other executives for “severe violations of laws and disciplines”, often used as a euphemism for corruption.
Lu Jun, former chief executive at Sino IC Capital and Wang Zhongwen, a partner at Shenzhen Hongtai Hongxin Equity Investment, a sub fund under the Big Fund, were put under investigation in July. In addition, Ding Wenwu, the former president of the fund, was also put under investigation on July 30.
Chen Datong, a partner at Yuanxiao Huachuang (Suzhou) Investment Management Co, also a sub fund, has reportedly been incommunicado since early August, when he was put under investigation, according to another report by Caixin.
Few public details have emerged to substantiate any connection between the individuals being investigated by the Chinese Commnist Party’s disciplinary watchdog. Chinese authorities have yet to disclose details of the corruption probes.