楼主:
cosmite (K)
2025-04-10 21:40:01英特尔执行长投资数百家中国企业 部分与军方有关联
https://is.gd/GkpOrk
路透
作者：Max A. Cherney
April 10, 2025 6:02 PM GMT+8
北京／旧金山，4月10日（路透社） —— 据路透社查阅中美企业申报文件显示，被选为美
国最大芯片制造商英特尔（Intel）新任领导人的陈立武（Lip-Bu Tan），曾投资数百家中
国科技公司，其中至少有八家与中国人民解放军有关联。
陈立武是硅谷最早一批投资中国科技业的资深投资人之一，他于上个月被任命为英特尔执行
长，而英特尔正是为美国国防部制造尖端芯片的公司之一。此任命引发部分投资者质疑，他
与中国企业之间持续存在的投资关系是否会带来影响。
根据路透社的调查，陈立武透过其管理或拥有的投资公司，控制了超过 40 家中国公司与基
金，并持有 600 多家公司的小额股份。在许多情况下，他与中国政府实体共同持有这些股
份。
多位受访投资人向路透社表示，陈立武庞大的中国投资组合可能会使英特尔的振兴工作变得
更加复杂。与台积电和三星电子并列，英特尔是全球仅有的三家能制造最先进电脑芯片的公
司之一，同时也是唯一一家位于美国的公司。
“事实很简单，陈先生根本不适合担任任何与中国竞争的公司的领导人，更不用说是像英特
尔这样，与情报与国安高度相关的企业，其在美国国防与情报体系中有深远渊源，”风险投
资公司 Bastille Ventures 合伙人安德鲁·金（Andrew King）说。他表示他本人和该基金
都未投资英特尔。
但也有部分人士认为，陈立武多年来在中国新创公司领域的投资经验，正是复兴这个陷入困
境的美国科技标竿的重要资产。
“他是我名单上的首选，也是大多数投资人的首选，”伯恩斯坦分析师史黛西·拉斯根（St
acey Rasgon）表示，“他是个传奇人物，行业经历非常深。”
陈立武透过他于 1987 年在旧金山创办的创投公司 Walden International，以及两家设于
香港的控股公司 Sakarya Limited 和 Seine Limited 进行投资。根据上海证券交易所的申
报文件，截至 10 月 31 日，陈立武是 Sakarya 的唯一所有人，并透过 Walden 控制 Sein
e，根据每日更新的中国企业数据库显示。
陈立武目前仍担任 Walden International 的董事长。
对于陈立武在中国的投资，英特尔拒绝发表评论。一位发言人表示，陈已填写董事与高阶主
管问卷，内容涵盖潜在利益冲突的申报。“我们会妥善处理所有潜在利益冲突，并根据 SEC
规定揭露必要资讯，”该发言人说。
Walden 则未对评论请求作出回应。一位熟悉此事的消息人士告诉路透社，陈立武已撤资中
国企业的相关持股，但未提供细节。路透社查阅的中国数据库显示，他仍在许多公司保有股
份，无法确认他实际撤资的范围。
美国公民拥有中国企业股份并不违法，即使这些企业与中国军方有关联，只要该公司未被列
入美国财政部的“中国军工企业清单”（CMIC List），该清单明确禁止此类投资。
路透社并未发现陈立武目前直接投资该清单上的任何企业。
美国商务部的“实体清单”禁止向被列企业出口受控技术，但并不禁止对其投资。五角大厦
则禁止与中国军方有联系的企业进入美国军用供应链。
英特尔与美国国防部签有 30 亿美元的合约，用于制造芯片，并参与另外两个专注于尖端晶
片开发的国防部项目。
国防部对于陈立武的投资未作出评论。
路透社透过中国驻美大使馆向解放军提出查询，未获回应。但发言人刘鹏宇表示：“我们重
申坚决反对美方泛化国家安全概念，歪曲抹黑中国军民融合发展政策，破坏中美正常经贸合
作。”
交错的投资网络
根据路透社查阅中国企业数据库、并与美方与分析师所列的中国军方相关企业清单交叉比对
后发现，自 2012 年 3 月至 2024 年 12 月，陈立武对数百家中国高端制造与芯片企业投
资至少 2 亿美元，其中包含解放军承包商与供应商。（完整清单详见 FACTBOX）
根据中国企业记录，路透社确认有 20 家投资基金与公司目前由 Walden 与中国政府基金或
国企共同持有，这些政府基金多来自中国科技重镇如杭州、合肥与无锡的地方政府。
Walden 也与中国主要军工供应商中国电子集团（China Electronics Corporation, 简称 C
EC）共同投资六家中国科技公司。CEC 曾在 2020 年被川普总统列入制裁名单，根据总统行
政命令，禁止美国人购买或投资“中国军事企业”。CEC 未对路透社的置评请求作出回应。
“在当前这种政治环境下，（与中国的关联）应该是英特尔这样公司负责任的领导层至少要
认真讨论，思考如何管理的问题，”圣塔克拉拉大学法学院教授史蒂芬·戴蒙（Stephen Di
amond）说，“这显然是个政治敏感议题，董事会一定会关注。”
路透社联络了英特尔董事会的 14 名成员中的 11 人，皆未获回应。
美国众议院“中国共产党特别委员会”于 2024 年 2 月发布的一份报告中，也提及了部分
Walden 的投资，报告指出该公司于 2001 至 2022 年间，对至少六家与中国军方有关联的
公司投资共 1.61 亿美元。
作为最早进入中国投资的硅谷风险资本家之一，陈立武在 2000 年代初期中国科技快速发展
时期，是备受追捧的金主与导师。
他是中国最大晶圆代工厂中芯国际（SMIC）的早期投资人。中芯现已因与中国军方关系密切
，被美国政府制裁。陈立武于 2001 年，即中芯创立一年后投资该公司，并担任董事至 201
8 年。众议院的最终报告称，Walden 已于 2021 年 1 月撤出中芯。中芯未对路透社的置评
请求作出回应。
根据中国企业资料，陈立武最近一次撤资的记录是在今年 1 月，当时 Walden 基金撤出了
宁波绿波微电子装备公司（Ningbo Lub All-Semi Micro Electronics Equipment Company
），该公司向中国军工企业与研究机构供应芯片。All-Semi 也未对评论请求作出回应。
消息人士告诉路透社，陈立武已撤资中国企业的相关持股，但未提供细节。路透社查阅的中
国数据库显示，他仍在许多公司保有股份，
心得评论：
英特尔新执行长陈立武创办的Walden被发现在2021-2022期间投资中国解放军相关公司达1.6
1亿美元。且他拥有或投资的公司，在许多情况下，与中国政府实体共同持有这些股份。
Walden 也与中国主要军工供应商中国电子集团（简称CEC）共同投资六家中国科技公司。CE
C 曾在 2020 年被川普总统列入制裁名单，根据总统行政命令，禁止美国人购买或投资“中
国军事企业”。
自 2012 年 3 月至 2024 年 12 月，陈立武对数百家中国高端制造与芯片企业投资至少 2
亿美元，其中包含解放军承包商与供应商。
虽然消息人士告诉路透社，陈立武已撤资中国企业的相关持股，但路透社查阅的中国数据库
显示，他仍在许多公司保有股份。
原文：
BEIJING/SAN FRANCISCO, April 10 (Reuters) - Lip-Bu Tan, the man chosen to lead I
ntel, the U.S.'s largest chip maker, has invested in hundreds of Chinese tech fi
rms, including at least eight with links to the People's Liberation Army, accord
ing to a Reuters review of Chinese and U.S. corporate filings.
The appointment last month of Tan, one of Silicon Valley's longest-running inves
tors in Chinese tech, as CEO of a company that manufactures cutting-edge chips f
or the U.S. Department of Defense raised questions among some investors about th
e extent of his ongoing involvement with businesses in China.
Reuters' review found that Tan controls more than 40 Chinese companies and funds
as well as minority stakes in over 600 via investment firms he manages or owns.
In many instances, he shares minority stake ownership with Chinese government e
ntities.
Several investors interviewed by Reuters expressed concern that the scope of Tan
’s investments could complicate the task of reviving Intel. Along with Taiwan S
emiconductor Manufacturing Co and Samsung Electronics Co, Intel is one of three
companies in the world making the most advanced computer chips, and the only one
based in the U.S.
"The simple fact is that Mr. Tan is unqualified to serve as the head of any comp
any competing against China, let alone one with actual intelligence and national
security ramifications like Intel and its tremendous legacy connections to all
areas of America’s intelligence and the defense ecosystem," said Andrew King, a
partner at venture capital firm Bastille Ventures. King said neither he or his
fund have investments in Intel.
But some see Tan's years of experience investing in startups in China as key com
petencies to revive the flagging American icon.
"He was at the top of my list and most investor's lists of who they wanted," Ber
nstein analyst Stacey Rasgon said. "He's a legend and he's been around forever."
Tan made his investments through Walden International, the San Francisco venture
capital firm he founded in 1987, as well as two Hong Kong-based holding compani
es: Sakarya Limited and Seine Limited. Tan was sole owner of Sakarya as of Octob
er 31, according to a Shanghai Stock Exchange filing, and controls Seine through
Walden, according to Chinese corporate databases, which are updated daily.
Tan remains the chairman of Walden International.
Intel declined to comment on Tan's investments in China. A spokesperson said Tan
completed a director and officers questionnaire that requires disclosure of any
potential conflicts of interest. "We handle any potential conflicts appropriate
ly and provide disclosures as required by SEC rules," the spokesperson said.
Walden did not return a request for comment. A source familiar with the matter t
old Reuters that Tan had divested from his positions in entities in China, witho
ut providing further details. Chinese databases reviewed by Reuters list many of
his investments as current, and Reuters was unable to establish the extent of h
is divestitures.
It is not illegal for U.S. citizens to hold stakes in Chinese companies, even th
ose with ties to the Chinese military, unless those companies have been added to
the U.S. Treasury's Chinese Military-Industrial Complex Companies List, which e
xplicitly bans such investments.
Reuters found no evidence that Tan is currently invested directly in any company
on the U.S. Treasury's list.
The Commerce Department's Entity List prohibits U.S. firms from exporting contro
lled technologies to companies but does not bar investments in them. The Pentago
n bans companies connected to the Chinese military from the U.S. military supply
chain.
Intel has a $3 billion contract to make chips for the U.S. Department of Defense
and participates in two other Defense Department efforts that focus on developi
ng cutting-edge chips.
The Defense Department did not comment on Tan's investments.
Reuters presented its findings to the PLA through the Chinese Embassy in Washing
ton, which had no comment on the findings, but spokesperson Liu Pengyu said: “W
e would like to reiterate our firm opposition to the U.S. generalizing the conce
pt of national security, distorting and smearing China's military-civilian integ
ration development policy, and undermining normal China-U.S. economic and trade
cooperation.”
WEB OF INVESTMENTS
Tan invested at least $200 million in hundreds of Chinese advanced manufacturing
and chip firms between March 2012 and December 2024, including in contractors a
nd suppliers for the People's Liberation Army, according to a review of Chinese
corporate databases cross-referenced with U.S. and analyst lists of companies wi
th connections to the Chinese military. (For a complete list, see this FACTBOX.)
Reuters identified 20 investment funds and companies where Walden is currently a
joint owner along with Chinese government funds or state-owned enterprises, acc
ording to Chinese corporate records. The government funds are mostly from munici
pal governments of Chinese tech hubs like Hangzhou, Hefei, and Wuxi.
Walden has also invested in six Chinese tech firms alongside leading PLA supplie
r China Electronics Corporation, which was sanctioned by President Trump in 2020
as part of an executive order that banned purchasing or investing in "Chinese m
ilitary companies." CEC did not respond to a Reuters request for comment.
"In this political climate, (China ties) would be something that responsible bus
iness leadership at a company like Intel would at least have a serious conversat
ion about how to try and manage," said Santa Clara law school professor Stephen
Diamond. "It's obviously politically sensitive and the board would certainly wan
t to know about it."
Reuters sought comment from 11 out of 14 members of the Intel board who did not
respond.
Some of Walden’s investments were highlighted in a report published by the U.S.
House Select Committee on the Chinese Communist Party in Fbruary 2024, which f
ound the firm made at least six other investments totaling $161 million in firms
with links to the Chinese military between 2001 and 2022.
As one of the earliest Silicon Valley venture capitalists to invest in China, Li
p-Bu Tan was a sought-after benefactor and mentor in the booming tech scene of t
he early 2000's.
Tan was a seed investor in Semiconductor Manufacturing International Corp, China
's largest chip foundry, which is now under sanctions by the U.S. government due
to its close ties to the Chinese military. Tan first invested in SMIC in 2001,
a year after it was founded, and served on its board until 2018. The House commi
ttee's final report said Walden exited SMIC in January 2021. SMIC did not respon
d to a Reuters request for comment.
The most recent record of a divestment by Tan from a Chinese entity that Reuters
could identify was in January, when a Walden fund exited Ningbo Lub All-Semi Mi
cro Electronics Equipment Company, which supplies chips for Chinese defense firm
s and research institutes, according to Chinese corporate data. All-Semi did not
respond to a request for comment.
Reporting by Max Cherney and Stephen Nellis in San Francisco and Eduardo Baptist
a in Beijing; editing by Kenneth Li and Michael Learmonth