Home Business The former president of a large chip fund management company with operating funds of hundreds of billions has been sacked | Huaxin Investment | Lu Jun

The former president of a large chip fund management company with operating funds of hundreds of billions has been sacked | Huaxin Investment | Lu Jun

by admin
The former president of a large chip fund management company with operating funds of hundreds of billions has been sacked | Huaxin Investment | Lu Jun

[The Epoch Times, July 24, 2022](Comprehensive report by reporter Yi Fan of The Epoch Times) After a series of chip manufacturing companies went bankrupt, Lu Jun, the former president of Huaxin Investment, the management company of the National Integrated Circuit Industry Investment Fund of the Communist Party of China, was arrested. investigation.

On the evening of July 15, the website of the State Supervision and Administration Commission of the Central Commission for Discipline Inspection of the Communist Party of China announced that Lu Jun, former deputy director of the China Development Bank Development Fund Management Department of the China Development Bank, was investigated for serious violations of discipline and law.

According to public information, Lu Jun was born in Jiangsu Province in 1968. He has worked in the China Development Bank and related enterprises for a long time, and the highest level is the bureau level. In September last year, Lu Jun resigned from the China Development Bank.

Lu Jun, who is known by his name in China‘s chip industry, was involved in the management of China‘s National Integrated Circuit Industry Investment Fund. While working at the China Development Bank, Lu Jun also served in three state-owned enterprises related to chips, namely Huaxin Investment Management Company, SMIC Integrated Circuit Company, and Xinxin Financial Leasing Company.

According to the official media “First Financial”, the CCP’s National Integrated Circuit Industry Investment Fund is commonly known as the “Big Fund”. The first phase of the Big Fund was established in September 2014 with a scale of more than 130 billion yuan (about 19 billion US dollars). The fund’s investment plan is divided into 15 years, of which 2015 to 2019 is the investment period, 2019 to 2024 is the exit period, and 2025 to 2030 is the extension period.

See also  Expensive petrol: from the guarantee commission stop transport strike: "Lack of notice and predetermination of the duration of the abstention"

The second phase of the Big Fund was established in October 2019 with a registered capital of more than 204 billion yuan (about 30 billion US dollars). The fund has fully entered the investment stage last year.

In accordance with the principle of separation of ownership and management rights, the large fund has a two-layer management structure, and the fund company entrusts Huaxin Investment Management Company as the sole manager to undertake the fund investment business.

Huaxin Investment Management Co., Ltd. was established in 2014. Lu Jun has served as the president of the company since its establishment and participated in a large number of investment operations until his transfer at the end of 2020. Lu Jun also serves as the director of the first phase of the big fund and the second phase of the big fund.

Before Lu Jun, the big fund and other executives fell. In November last year, Gao Songtao, former vice president of Huaxin Investment Management Company, was also investigated for serious violations of the law.

Chips are called the “soul” of modern industry, and China‘s current state-of-the-art technology is still far from the international mainstream. Under pressure from U.S. technology sanctions, the CCP started a “Great Leap Forward” campaign to manufacture chips a few years ago.

According to a survey by the official media “China Economic Weekly”, from January 1 to October 27, 2020, China added more than 58,000 integrated circuit-related companies, which is equivalent to about 200 new companies every day, even without experience or technology. , The “three noes” companies that have no talents have now begun to join the integrated circuit industry, and the chip has become a “core fraud”.

See also  Xiaopeng Motor’s monthly sales break more than 10,000: Weilai delivered only 3,667 sets of Xiaoli Wei, the pattern has changed again-IT and traffic

In July 2021, Ziguang Group, known as the “aircraft carrier” in China‘s chip field, announced that it could not repay its due debts, and immediately went into bankruptcy and reorganization. When the chairman of Tsinghua Unigroup went to Taiwan in 2015, he threatened to buy TSMC.

According to the statistics of “Jiweiwang”, an entry-level website for integrated circuits in China, from 2019 to 2020, including Chengdu GlobalFoundry, Wuhan Hongxin, Jinan Quanxin, Huai’an Dehuai, Huai’an Times Chip Memory, Nanjing Dekema, and Shaanxi Kuntong The capital chain of the seven wafer manufacturing enterprises was broken, and the end was unfinished. The seven companies failed to leave “even a single wafer” to the industry, the report said.

However, Chinese state-owned capital poured more than 10 billion yuan into these companies, of which Wuhan Hongxin alone invested 128 billion yuan ($19 billion).

Editor in charge: Lian Shuhua

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy