A non-executive director for Shanghai-based chipmaker Semiconductor Manufacturing International Corporation and"Big Fund" vice president is under investigation in China for alleged corruption.SMIC director Ren Kai, who also serves as vice president at Sino IC Capital, is being probed by China's anti-corruption agency on suspicion of"serious violations of discipline and law.
Sino IC Capital is the management entity of the China Integrated Circuit Industry Investment Fund. Also known as the"Big Fund," it provides financing to Chinese semiconductor design and manufacturing capabilities to heighten competitiveness globally, including with the US, South Korea, and Taiwan. SMIC has been a beneficiary to the fund, along with others.
The chipmaker also clarified Ren's role as a non-executive director and member of the board's strategic committee. However, said SMIC, his roles do not involve daily management and the investigation does not have operation or financial impact.
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