Following the probes of eight high-profile officials in the semiconductor industry and agencies that shocked the sector, China’s anti-corruption watchdog continues to investigate three more executives in the field.
According to Reuters, the people under investigation are current and former executives that manage the country’s largest chip investment fund, the China Integrated Circuit Industry Investment Fund (CICF), also known by the nickname “Big Fund.”
China’s Central Commission for Discipline Inspection announced that Du Yang, a former director of the investment firm Sino IC Capital, is under investigation for allegedly committing serious violations of discipline and law. Yang Zhengfan, a current deputy manager of the firm, was also placed under investigation for the same alleged crime.
Another executive under investigation is Liu Yang, a former general manager from Sino IC Capital. Yang was accused of committing law violations.
Last week, China launched a series of investigations of high-ranking officials in China’s semiconductor sector. The investigation included the big boss that oversaw CICF, China’s Minister of Industry and Information Technology, Xiao Yaqing. Another big boss is Ding Wenwu, the former president of CICF.
Sino IC Capital manages assets of the China Integrated Circuit Industry Investment Fund. Beijing founded China Integrated Circuit Industry Investment Fund in 2014 as a key effort to boost its chip industry to compete with adversaries like the U.S. and Taiwan. The fund raised an initial $22 billion investment for the first round and raised another $33 billion investment in 2019.
Dominance in the semiconductor sector is a heated race, with countries investing tens of billions of dollars into the industry to take the lead.
The U.S. recently passed the CHIPS act that allocates $52 billion in subsidies for domestic semiconductor manufacturing.