BEIJING & CAMBRIDGE, United Kingdom & TOKYO--(BUSINESS WIRE)--Arm Ltd, HOPU Investment, and SoftBank Group, acting in their capacity as direct and indirect shareholders holding majority equity interest in Arm China, are announcing the company’s longstanding corporate governance issue has been resolved following a unanimous vote by the Arm China Board of Directors.
In full compliance with Chinese law, the Arm China Board of Directors has appointed Dr. Renchen Liu and Dr. Eric Chen as the company’s co-CEOs. Dr. Liu has also been duly registered and accepted by local Shenzhen government authorities as the company's legal representative and general manager. These appointments are effective immediately.
Arm remains committed to the Chinese market, Arm China as an independent operating company majority owned by Chinese investors, and to the success of Arm’s Chinese ecosystem partners.
The strategic partnership, IP license agreement and business model between Arm and Arm China remains unchanged. Arm China will continue to be the exclusive commercial distribution channel for Arm to license its IP to Chinese licensees. Arm China will also continue to develop its own IP. Under the new leadership, Arm China will be committed to a customer-first culture, serving its customers fairly, equally, and without discrimination.
Dr. Liu and Dr. Chen both have extensive engineering, investment and leadership experience. Dr. Liu is deeply connected with the Chinese technology industry and has extensive leadership experience as he has served the general manager, or an IC member of several technology investment funds and research institutions. Dr. Liu holds a bachelor’s degree from Tsinghua University and a Ph.D. from Oxford University.
Dr. Chen currently serves as Managing Partner and Head of China at SoftBank Investment Advisers (the company that manages SoftBank Vision Fund). Previously Dr. Chen served as cofounder and CEO of Brion Technologies (a high-performance computing company later acquired by ASML) and cofounder and chairman of BaseBit Technologies, a confidential computing data technology company. He currently serves as an independent director of Applied Materials. Dr. Chen has a background in physics from Peking University and a Ph.D. in electrical engineering from Stanford University
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About SoftBank Group
The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; the SoftBank Vision Funds, which are investing more than US$140 billion to help extraordinary entrepreneurs transform industries and shape new ones; the US$5 billion SoftBank Latin America Fund, the largest venture fund in that region; the US$3 billion SoftBank Latin America Fund II; and the SB Opportunity Fund, a US$100 million fund investing in Black, Latinx and Native American founders in the U.S. To learn more, please visit https://group.softbank/en.