China’s investigation into semiconductor “Big Fund” continues

China’s investigation into semiconductor “Big Fund” continues

China’s investigation of the semiconductor industry’s so-called “Big Fund” is continuing apace, with two more leading figures at the investment fund revealed as being under investigation over the weekend. The Central Commission for Discipline Inspection, the country’s corruption watchdog, announced on July 30 that it had launched an investigation into Ding Wenwu of Sino-Ic Capital, the firm which runs the fund. Wang Wenzhong, a partner at Hongtai Fund – a Shenzhen-based fund attached to the “Big Fund” – was also placed under investigation in mid-July, according to a report from Chinese media outlet Caixin. The “Big Fund,” officially the National Integrated Circuit Industry Investment Fund, was formed in 2014 with RMB 98.7 billion ($14.2 billion) in registered assets. Its first round of investment, which closed in 2018, totaled RMB 138.7 billion and included SMIC, YMTC, and UNISOC among its recipients, according to Eastmoney Securities. [Caixin, in Chinese]


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