According to court data, Zhou Bin served as the managing director of the China Reform Fund established under the approval of the State Council of the People's Republic of China. In 2016, he established the Canyon Bridge (Kaqiao) Private Equity Corporation in Beijing and Palo Alto, Calif., has offices and the only investor is the “National New Science and Innovation Fund.” The source of the funds is the Chinese Communist Party’s “state-owned funds.” These funds are mainly invested in the CCP’s national strategic emerging industries.
November 2016 'Kay Bridge' announced the acquisition of Lattice Semiconductor of the United States for US$1.3 billion. The federal prosecutor accused Zhou Bin of taking a personal meeting, voice message and text message in the months before the acquisition. One after another, Michael Yin leaked the inside information of the acquisition. Yin Shaohua was originally a Hong Kong private equity fund manager. The two had known earlier. Yin Shaohua made a stock sale based on the information leaked by Zhou Bin, and he profited from stock trading. More than five million dollars.
Lattice Semiconductor is one of the world's only manufacturers of programmable logic chips (FPGAs) that can be used in telecommunications, computer and military applications. If the deal is reached, this will be the Chinese company's background. In the largest US semiconductor acquisition, the US Foreign Investment Committee (CFIUS) assessed that the deal poses risks to national security. In September last year, President Trump personally halted the acquisition.
Is it an 'American success story'? The jury will judge
In yesterday’s opening statement, Federal Assistant Attorney Max Clement Nicholas told the jury that Zhou Bin had disclosed to Yin Shaohua’s “Guangxin Science and Innovation Fund” when he was still the management director of “Guoxin Science and Innovation Fund” in 2016. Interested in acquiring Lattice news. Until the establishment of Kaiqiao, after taking over the acquisition, Zhou Bin continued to disclose insider information to Yin Shaohua until 'Kay Qiao' announced the acquisition of Lattice on the eve of US$1.3 billion, equivalent to 'Bin Bin'. The news that will happen tomorrow will be told by Yin Shaohua today.
However, Zhou Bin’s defense lawyer Katherine Goldstein stated that Yin Shaohua has never found any confidential information from Zhou Bin’s mouth. Zhou Bin’s text message tells Yin Shaohua’s content. There is no secret at all. Many people know that 'Lattice' is ready to sell its employees. All know that; Lattice’s responsibility for confidentiality of technical operations information, he did not violate; Yin Shaohua is not a good friend or business partner of Zhou Bin, but is just an acquaintance who replaced Zhou Bin’s position in his earlier work and is spreading the net around to find out about 'Lattice' details of the acquisition.
Gostain said that Zhou Bin immigrated from China to the United States when he was a teenager, and worked hard to become a managing director of the “Guo Xin Science and Innovation Fund”. She described Zhou Bin’s story as 'a true American success story’. It is said that Zhou Bin did not disclose the inside information of the company's acquisition to others and made his purchase price higher. Yin Shaohua earned millions, but Zhou Bin did not get a dime from it and the prosecutor could not prove that he got it from Yin Shaohua. To any advantage.
Witness: Chinese investment in 'full cash acquisition' Lattice
After the opening of the case, the prosecution summoned 'Lattice' CEO Darin Billerbeck to testify in court. Bilbaker said that as early as 2015, Zhou Bin was the managing director of the “Guosin Capital” and had He contacted and planned to acquire a “whole cash acquisition” of Lattice Semiconductor in the form of a private equity company and explained that he would later establish his own private equity company. The “Guosin Science and Innovation Fund” mainly took money from the Chinese government. Negotiations began. Zhou Bin and Lattice signed the Non Disclosure Agreement.
The trial of the case is expected to continue until the end of the month. The prosecutor will also present Zhou Bin’s mobile phone short message, computer hard disk and other electronic evidence. If all the charges are established, Zhou Bin may face imprisonment of up to 30 years.