The largest investor in the semiconductor industry is released from prison by Beijing.

Valued at 10 billion yuan ($1.5 billion), investment firm Hua Capital is responsible for the creation of more than 150 Chinese chipmakers – the fund has been one of the national leaders in the development of the local semiconductor industry. Chen was detained as part of a large-scale investigation related to corruption in the so-called “Big Fund” with a budget of $47 billion: the authorities were outraged by the lack of serious breakthroughs in the industry, although tens of billions of dollars were spent on its development and gaining technological independence of China. Then more than ten high-ranking leaders and officials were detained, and Hua Capital was listed as one of the recipients of the “Big Fund”.

Chen’s first success came after working on research projects at the University of Illinois and Stanford. In 1995, he co-founded digital camera sensor developer OmniVision Technology – Hua Capital took over the company in 2015. In 2014, Chen renounced his American citizenship and committed himself to helping the development of the Chinese semiconductor industry. More than 80% of Hua Capital’s investments were directed to the search and development of Chinese alternatives to foreign technologies, making the company a vital part of the Chinese state program to develop the national industry in the face of Washington sanctions. “China is full of state funds willing to invest in semiconductors, but there are not enough professional investors like Chen”— said about the 68-year-old businessman his colleague, engaged in direct investment in the technology sector.