Another China ‘Big Fund’ executive is detained
Ren Kai, a vice president of Sino IC Capital Ltd., is the latest ‘Big Fund’ executive to come under investigation in an anti-corruption crackdown in China, according to Caixin Global.
The China Integrated Circuit Industry Investment Fund, known as the Big Fund, is state-backed investment fund with in its second phase about 200 billion yuan (about US$28.5 billion) to hand out and Sino IC Capital was appointed the sole manager.
Over the last year China’s National Audit Office has been investigating how funds were dispersed and Ren is the latest of several Sino IC Capital executives to be detained along with executives at companies the fund invested in.
Ren was responsible for some of the fund’s biggest investments including those frequently considered more successful such as ChangXin Memory Technologies Inc. (CXMT), Yangtze Memory Technologies Co. Ltd. (YMTC) and Semiconductor Manufacturing International Corp. (SMIC).
Ren is said to have close ties to Lu Jun, former president of Sino IC Capital who came under investigation in July for “serious violation of discipline and the law.”
Ren has also been installed a director at many Chinese semiconductor companies including Jiangsu Changjiang Electronics Tech Co. (JCET), Sanan Optoelectronics Co. Ltd., National Silicon Industry Group and Shanghai Wanye Enterprises Co. Ltd., Caixin said. While Ren was a director at Sanan Optoelectronics the Big Fund set up a US$7 billion joint venture chip investment fund with Sanan.
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