China has assigned a new head to a high-profile, state-backed chip investment fund amid a renewed push to pour resources into the local semiconductor industry and counter a US-led blockade of the country’s technological development.
Zhang Xin (張新) is to become president of the National Integrated Circuit Industry Investment Fund Co (國家集成電路投資基金), popularly known as the Big Fund, Chinese corporate data service provider Tianyancha (天眼查) said.
Zhang was previously a mid-ranking official from the Chinese Ministry of Industry and Information Technology, Chinese news outlet Caixin said.
Photo: EPA-EFE
The Big Fund was tarnished by an anti-graft probe last year, which led to the downfall of its previous chief and several other officials.
Top Chinese leaders ordered investigations after they grew frustrated with a lack of breakthrough in developing semiconductors to replace foreign imports after years of ample government investments, at a time when the US and its allies are tightening restrictions on China’s access to critical technologies.
The secretive Big Fund is Beijing’s primary vehicle for doling out capital to the country’s chipmakers. Founded in 2014, it drew about US$45 billion in capital and backed scores of companies, including Semiconductor Manufacturing International Corp (中芯國際) and Yangtze Memory Technologies Co (長江存儲).
The fund operated mostly behind the scenes and kept investment standards away from public view, which some analysts said undercut accountability.
Zhang replaced Ding Wenwu (丁文武) as the fund’s president on Friday, and a day later replaced him as the head of China Integrated Circuit Industry Investment Fund Phase II Co (中國集成電路產業投資基金二期), another state-backed chip fund, Tianyancha said.
Zhang is listed as a first-class technology inspector on the Web site of the technology ministry’s planning bureau, while Ding was once director of the ministry’s electronic information bureau, outranking Zhang.
The Big Fund became somewhat dormant for a few months following the anti-graft investigations, but it sprang back into action earlier this year, pledging an additional investment into Yangtze Memory, China’s top memorychip maker, which has been blacklisted by the US.
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