(Yicai Global) Nov. 22 -- China’s CNY147.2 billion (USD23.1 billion) state-backed National Manufacturing Transformation and Upgrading Fund said it is operating normally despite its general manager coming under investigation, Securities Times reported.

Whether Gao Songtao retains his position is difficult to say, the fund said today.

Gao, former vice president of Sino IC Capital, is suspected of serious violations and is under investigation, according to a statement released on the website of the Central Commission for Discipline Inspection and the National Supervisory Commission on Nov. 20.

Born in 1970, Gao worked in the Ministry of Industry and Information Technology. He served as vice president of Sino IC Capital from October 2014 to November 2019, and has been GM of National Manufacturing Transformation and Upgrading Fund since then.

Established in August 2014, Sino IC Capital is an integrated circuit investment management institution, with 45 percent shares held by China Development Bank’s wholly-owned subsidiary China Development Bank Capital. Its shareholders also include Infotech Ventures, Oriza Holdings, and China Mobile, according to public information.

Founded to invest in China’s chip industry, Sino IC Capital is also the sole manager of the first and second phases of the National Integrated Circuit Industry Investment Fund.

National Manufacturing Transformation and Upgrading Fund was set up in 2019 to promote the transformation and upgrading of the country’s manufacturing industry. The registered capital of the fund stands at CNY147.2 billion (USD21 billion), with the Ministry of Finance holding a 15.3 percent stake as its biggest shareholder.

Editor: Peter Thomas