In a statement on Tuesday, Ningbo Semiconductor disclosed information about Huang and Wang Ying, the former financial chief of the company, being sentenced to four years in an initial ruling on charges that also included accepting bribes. Huang and Wang say they will appeal, according to local media.
The chip firm said it has “repeatedly made statements to related parties that the company will not enter into any settlement or understanding with Huang and Wang”, as it has “zero tolerance” for criminal activity.
Most details of the case and how funds were misappropriated remain unknown, as the Ningbo court has not made case documents publicly available. The South China Morning Post could not reach Huang for comment.
According to Huang’s LinkedIn page, the entrepreneur spent three years at US hard drive maker Seagate Technology before joining SMIC in 2002. He focused on micro-electromechanical systems (MEMS) sensors, complementary metal-oxide-semiconductor (CMOS) memory and 3D integrated circuits for 14 years at SMIC before he founded the Ningbo company in 2016.
SMIC affiliate Ningbo Semiconductor International founder faces criminal charges
SMIC affiliate Ningbo Semiconductor International founder faces criminal charges
Ningbo Semiconductor is China’s leading chip designer, focusing on special-process semiconductors. It is mainly engaged in 5G communications and mobile terminals, intelligent home appliances and industrial control, industrial Internet of Things and medical electronics, according to its official website.
SMIC has cut its equity holding in the company to about 16 per cent. Other investors include China IC Capital, a wholly-owned investment fund under SMIC, as well as industry funds Ningbo Senson Electronics and Hua Capital. It also received a 500 million yuan (US$69 million) investment from the National Integrated Circuit Industry Investment Fund, known as China’s Big Fund.
