Caixin
Dec 23, 2020 08:17 PM
BUSINESS & TECH

Head of Firm That Runs National Chipmaking Investment Fund Steps Down

What’s new: Lu Jun has stepped down from his post at the helm of Huaxin Investment Management Co. Ltd., which manages the national integrated circuit industry investment fund, and is set to return to China Development Bank, multiple sources told Caixin.

Sun Xiaodong, vice president of China Development Bank Capital Co. Ltd. (CDB Capital), which owns 45% of Huaxin Investment, is taking over as CEO of Huaxin.

What’s the background: Established in 2014, Huaxin Investment operates the national integrated circuit industry investment fund, set up in September that year, which initially raised over 130 billion yuan ($20 billion) to help domestic manufacturers expand capacity. The fund raised another 200 billion yuan in October 2019.

Since 2014, Lu has led operations at Huaxin Investment. Before that, he served as vice president of CDB Capital and vice president of the Shanghai branch of China Development Bank.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code