英特爾執行長投資數百家中國企業 部分與軍方有關聯
https://is.gd/GkpOrk
路透
作者：Max A. Cherney
April 10, 2025 6:02 PM GMT+8
北京／舊金山，4月10日（路透社） —— 據路透社查閱中美企業申報文件顯示，被選為美
國最大晶片製造商英特爾（Intel）新任領導人的陳立武（Lip-Bu Tan），曾投資數百家中
國科技公司，其中至少有八家與中國人民解放軍有關聯。
陳立武是矽谷最早一批投資中國科技業的資深投資人之一，他於上個月被任命為英特爾執行
長，而英特爾正是為美國國防部製造尖端晶片的公司之一。此任命引發部分投資者質疑，他
與中國企業之間持續存在的投資關係是否會帶來影響。
根據路透社的調查，陳立武透過其管理或擁有的投資公司，控制了超過 40 家中國公司與基
金，並持有 600 多家公司的小額股份。在許多情況下，他與中國政府實體共同持有這些股
份。
多位受訪投資人向路透社表示，陳立武龐大的中國投資組合可能會使英特爾的振興工作變得
更加複雜。與台積電和三星電子並列，英特爾是全球僅有的三家能製造最先進電腦晶片的公
司之一，同時也是唯一一家位於美國的公司。
「事實很簡單，陳先生根本不適合擔任任何與中國競爭的公司的領導人，更不用說是像英特
爾這樣，與情報與國安高度相關的企業，其在美國國防與情報體系中有深遠淵源，」風險投
資公司 Bastille Ventures 合夥人安德魯·金（Andrew King）說。他表示他本人和該基金
都未投資英特爾。
但也有部分人士認為，陳立武多年來在中國新創公司領域的投資經驗，正是復興這個陷入困
境的美國科技標竿的重要資產。
「他是我名單上的首選，也是大多數投資人的首選，」伯恩斯坦分析師史黛西·拉斯根（St
acey Rasgon）表示，「他是個傳奇人物，行業經歷非常深。」
陳立武透過他於 1987 年在舊金山創辦的創投公司 Walden International，以及兩家設於
香港的控股公司 Sakarya Limited 和 Seine Limited 進行投資。根據上海證券交易所的申
報文件，截至 10 月 31 日，陳立武是 Sakarya 的唯一所有人，並透過 Walden 控制 Sein
e，根據每日更新的中國企業資料庫顯示。
陳立武目前仍擔任 Walden International 的董事長。
對於陳立武在中國的投資，英特爾拒絕發表評論。一位發言人表示，陳已填寫董事與高階主
管問卷，內容涵蓋潛在利益衝突的申報。「我們會妥善處理所有潛在利益衝突，並根據 SEC
規定揭露必要資訊，」該發言人說。
Walden 則未對評論請求作出回應。一位熟悉此事的消息人士告訴路透社，陳立武已撤資中
國企業的相關持股，但未提供細節。路透社查閱的中國資料庫顯示，他仍在許多公司保有股
份，無法確認他實際撤資的範圍。
美國公民擁有中國企業股份並不違法，即使這些企業與中國軍方有關聯，只要該公司未被列
入美國財政部的「中國軍工企業清單」（CMIC List），該清單明確禁止此類投資。
路透社並未發現陳立武目前直接投資該清單上的任何企業。
美國商務部的「實體清單」禁止向被列企業出口受控技術，但並不禁止對其投資。五角大廈
則禁止與中國軍方有聯繫的企業進入美國軍用供應鏈。
英特爾與美國國防部簽有 30 億美元的合約，用於製造晶片，並參與另外兩個專注於尖端晶
片開發的國防部項目。
國防部對於陳立武的投資未作出評論。
路透社透過中國駐美大使館向解放軍提出查詢，未獲回應。但發言人劉鵬宇表示：「我們重
申堅決反對美方泛化國家安全概念，歪曲抹黑中國軍民融合發展政策，破壞中美正常經貿合
作。」
交錯的投資網絡
根據路透社查閱中國企業資料庫、並與美方與分析師所列的中國軍方相關企業清單交叉比對
後發現，自 2012 年 3 月至 2024 年 12 月，陳立武對數百家中國高端製造與晶片企業投
資至少 2 億美元，其中包含解放軍承包商與供應商。（完整清單詳見 FACTBOX）
根據中國企業記錄，路透社確認有 20 家投資基金與公司目前由 Walden 與中國政府基金或
國企共同持有，這些政府基金多來自中國科技重鎮如杭州、合肥與無錫的地方政府。
Walden 也與中國主要軍工供應商中國電子集團（China Electronics Corporation, 簡稱 C
EC）共同投資六家中國科技公司。CEC 曾在 2020 年被川普總統列入制裁名單，根據總統行
政命令，禁止美國人購買或投資「中國軍事企業」。CEC 未對路透社的置評請求作出回應。
「在當前這種政治環境下，（與中國的關聯）應該是英特爾這樣公司負責任的領導層至少要
認真討論，思考如何管理的問題，」聖塔克拉拉大學法學院教授史蒂芬·戴蒙（Stephen Di
amond）說，「這顯然是個政治敏感議題，董事會一定會關注。」
路透社聯絡了英特爾董事會的 14 名成員中的 11 人，皆未獲回應。
美國眾議院「中國共產黨特別委員會」於 2024 年 2 月發佈的一份報告中，也提及了部分
Walden 的投資，報告指出該公司於 2001 至 2022 年間，對至少六家與中國軍方有關聯的
公司投資共 1.61 億美元。
作為最早進入中國投資的矽谷風險資本家之一，陳立武在 2000 年代初期中國科技快速發展
時期，是備受追捧的金主與導師。
他是中國最大晶圓代工廠中芯國際（SMIC）的早期投資人。中芯現已因與中國軍方關係密切
，被美國政府制裁。陳立武於 2001 年，即中芯創立一年後投資該公司，並擔任董事至 201
8 年。眾議院的最終報告稱，Walden 已於 2021 年 1 月撤出中芯。中芯未對路透社的置評
請求作出回應。
根據中國企業資料，陳立武最近一次撤資的記錄是在今年 1 月，當時 Walden 基金撤出了
寧波綠波微電子裝備公司（Ningbo Lub All-Semi Micro Electronics Equipment Company
），該公司向中國軍工企業與研究機構供應晶片。All-Semi 也未對評論請求作出回應。
消息人士告訴路透社，陳立武已撤資中國企業的相關持股，但未提供細節。路透社查閱的中
國資料庫顯示，他仍在許多公司保有股份，
心得評論：
英特爾新執行長陳立武創辦的Walden被發現在2021-2022期間投資中國解放軍相關公司達1.6
1億美元。且他擁有或投資的公司，在許多情況下，與中國政府實體共同持有這些股份。
Walden 也與中國主要軍工供應商中國電子集團（簡稱CEC）共同投資六家中國科技公司。CE
C 曾在 2020 年被川普總統列入制裁名單，根據總統行政命令，禁止美國人購買或投資「中
國軍事企業」。
自 2012 年 3 月至 2024 年 12 月，陳立武對數百家中國高端製造與晶片企業投資至少 2
億美元，其中包含解放軍承包商與供應商。
雖然消息人士告訴路透社，陳立武已撤資中國企業的相關持股，但路透社查閱的中國資料庫
顯示，他仍在許多公司保有股份。
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
--
