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