Latest news with #WaldenInternational
Time of India
23-04-2025
- Business
- Time of India
BankBazaar raises Rs 55 crore; enters gold loan business with Muthoot Fincorp
Alongside the investment, Muthoot Fincorp has also partnered with BankBazaar in the gold loan business, allowing the online loan sourcing platform to enter secured lending. 'Customers will enquire about gold loans through BankBazaar and will eventually be serviced through our 3,700-branch network,' said Shaji Varghese, chief executive officer of Muthoot Fincorp. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Loan sourcing platform BankBazaar has raised Rs 55 crore in fresh funding from a group of investors, including gold loan company Muthoot Fincorp and existing backers such as Walden International. The funding was at a flat valuation of approximately Rs 1,700 crore ($200 million) for Fincorp pitched in with Rs 15 crore in this round. Speaking to ET, Adhil Shetty, cofounder of BankBazaar, said the investment is an extension of its previous funding round from December 2023.'The round hasn't closed yet; we're keeping our options open... The credit card distribution business has helped us grow, but overall it has been a tough funding environment,' Shetty said. BankBazaar offers a co-branded credit card with private sector lender Yes Bank BankBazaar has not filed its financials since FY24 and had last reported Rs 160 crore in revenue in FY23, according to data from Tracxn. Shetty said the company has grown its revenue at a compound annual growth rate of 46%, but did not disclose exact the investment, Muthoot Fincorp has also partnered with BankBazaar in the gold loan business, allowing the online loan sourcing platform to enter secured lending 'Customers will enquire about gold loans through BankBazaar and will eventually be serviced through our 3,700-branch network,' said Shaji Varghese, chief executive officer of Muthoot Fincorp. 'As we expand operations, collaborating with BankBazaar will help us identify new demand centres and plan our expansion accordingly.'Chennai-headquartered BankBazaar competes with PB Fintech-owned Paisabazaar, both being digital platforms sourcing unsecured consumer loans and credit gold loans, BankBazaar enters the secured lending space—a long-term goal for fintechs that have struggled to scale consumer lending amid regulatory by the likes of Amazon, Peak XV Partners and Eight Roads Ventures, BankBazaar—founded in 2008—has raised approximately $167 million. It last secured a major equity infusion of $30 million in 2017; since then, the company has largely raised smaller tranches across multiple rounds.
Yahoo
12-04-2025
- Business
- Yahoo
Intel's new CEO invested at least $200 million in Chinese businesses, some with links to the country's military, report says
Silicon Valley veteran and the new CEO Lip-Bu Tan has invested hundreds of millions of dollars into Chinese companies, Reuters reported. Some of the Chinese companies Tan backed have links to the Chinese military. Tan has invested in hundreds of Chinese companies through Walden International and holding companies Seine and Sakaytra. Intel's new CEO Lip-Bu Tan invested at least $200 million into Chinese businesses between 2012 and 2024, including at least eight tied to the People's Liberation Army, according to a Reuters report. Tan leads a company that has a $3 billion contract with the Department of Defense to manufacture chips, along with two other DoD contracts. His previous investments have raised concerns amid souring U.S.-China relations. 'The simple fact is that Mr. Tan is unqualified to serve as the head of any company competing against China, let alone one with actual intelligence and national security ramifications like Intel and its tremendous legacy connection to all areas of America's intelligence and the defense ecosystem,' Bastille Ventures partner Andrew King told Reuters. Intel did not return Fortune's request for comment. But a spokesperson for Tan told Reuters that he completed a questionnaire that requires disclosure of any potential conflicts of interest. During the first few months of the Trump administration, President Donald Trump and Chinese President Xi Jinping have exchanged jabs in the form of tariffs: U.S. tariffs on China now stand at 145%, while China's tariffs on the U.S. are currently 125%. Intel is the only U.S.-based manufacturer of the most advanced computer chips. And Tan is one of Silicon Valley's most tenured investors in Chinese tech. He was also considered a Goldilocks pick to revive the company, and initially cheered by investors when he was named as Intel's new CEO. While having Intel helmed by someone investing in Chinese companies might ring alarm bells for some, Elon Musk has his hands in both tech and the government as Tesla CEO and an adviser to President Donald Trump. In fact, Tesla has its largest factory in China, which is responsible for producing half of the company's cars globally. 'Of course there may be some national-security concerns here, but it does not seem to bother the U.S. that Elon Musk, a key player in the current administration, has a major investment in China,' Santa Clara law school professor Stephen Diamond told Fortune. For his part, Tan made investments through Walden International, a San Francisco-based venture-capital firm he founded in the 1980s, along with Sakarya Limited and Seine Limited, two holdings companies in Hong Kong. Between March 2012 and December 2024, Tan injected at $200 million into hundreds of Chinese advanced manufacturing and chips companies, some of which were contractors and suppliers for the People's Liberation Army, according to Reuters. Tan also controls more than 40 Chinese companies and funds while holding a minority stake in over 600 others. In many cases, his minority ownership comes alongside stakes held by Chinese government entities, eight of which are tied to Beijing's military, according to Reuters. Walden International, meanwhile, is currently a joint owner in 20 investment funds and companies with Chinese government funds or state-owned enterprises, according to Chinese corporate records. Walden has also jointly invested in six Chinese tech firms alongside Chinese military supplier China Electronics Corporation (CEC). During his first administration, Trump signed an executive order in 2020 that banned any purchasing or investing in 'Chinese military companies,' with CEC on the list. According to another Reuters report, Walden and CEC have a joint 2% stake in surveillance company Intellifusion, which is listed on the U.S. Department of Commerce trade blacklist in 2020 for alleged human rights abuses in Xinjiang. Walden International did not respond to Fortune's request for comment. An unnamed source with knowledge of the matter told Reuters that Tan had divested from his positions in entities from China, but the outlet was unable to confirm that claim. 'In this political climate, (China ties) would be something that responsible business leadership at a company like Intel would at least have a serious conversation about how to try and manage,' Diamond told Reuters. 'It's obviously politically sensitive and the board would certainly want to know about it.' The Department of Commerce's Entity List bans U.S. firms from exporting sensitive technologies to Chinese companies, but doesn't block investment. The Pentagon prohibits companies tied to the Chinese military from the U.S. military supply chain. But unless a company is added to the U.S. Treasury's Chinese Military-Industrial Complex Companies List, it's legal for U.S. citizens to hold stakes in Chinese companies, even those that have ties to the Chinese military. There is no evidence that Tan currently invests directly in companies on the U.S. Treasury's list, according to Reuters. 'The only point at which a corporate governance issue might rise is if Tan found himself on both sides of a transaction,' Diamond said, 'where Intel might be negotiating with a company where he is a director or shareholder.' This story was originally featured on Sign in to access your portfolio
Yahoo
10-04-2025
- Business
- Yahoo
Why Intel Stock Is Plummeting Today
Shares of Intel (NASDAQ: INTC) are falling on Thursday. The chipmaker's stock had lost 8.7% as of 12:20 p.m. ET. The drop comes as the S&P 500 and Nasdaq Composite both lost more than 5%. Intel's stock is feeling pressure from the ongoing trade war with China as well as a Reuters report today that revealed its new CEO has extensive business ties in the country, raising concerns of a potential conflict of interest. A report from Reuters revealed today that Intel CEO Lip-Bu Tan has extensive investment connections to Chinese companies. Some Chinese companies that Tan has invested in have ties to the Chinese military. The report outlined how Tan has made hundreds of investments in Chinese companies over decades through the investment firm Walden International, a venture he founded in 1987, as well as two Hong Kong-based holding companies, Sakarya Limited and Seine Limited. The most troubling investment, although one that Tan has now exited, was his seed investment in Semiconductor Manufacturing International Corp. (SMIC), China's largest chip foundry and major supplier of the Chinese military. The company is under sanction from the U.S. Walden International remains invested in 20 funds and companies alongside Chinese government funds or state-owned enterprises, according to Reuters. Tan remains is chairman of Walden International. Intel is in a critical transition period as Tan takes over a struggling business. It's unclear what the ramifications will be, but given the sensitivity of the semiconductor industry, its importance in national security, and the ongoing tensions with China, the revelations could derail some of Intel's turnaround efforts. I would avoid Intel stock for the time being. Before you buy stock in Intel, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Intel wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $509,884!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $700,739!* Now, it's worth noting Stock Advisor's total average return is 820% — a market-crushing outperformance compared to 158% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 5, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel. The Motley Fool recommends the following options: short May 2025 $30 calls on Intel. The Motley Fool has a disclosure policy. Why Intel Stock Is Plummeting Today was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
10-04-2025
- Business
- Yahoo
Intel CEO invested in hundreds of Chinese companies, some with military ties
By Eduardo Baptista, Stephen Nellis and Max A. Cherney BEIJING/SAN FRANCISCO (Reuters) - Lip-Bu Tan, the man chosen to lead Intel, the U.S.'s largest chip maker, has invested in hundreds of Chinese tech firms, including at least eight with links to the People's Liberation Army, according to a Reuters review of Chinese and U.S. corporate filings. The appointment last month of Tan, one of Silicon Valley's longest-running investors in Chinese tech, as CEO of a company that manufactures cutting-edge chips for the U.S. Department of Defense raised questions among some investors about the 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 entities. Several investors interviewed by Reuters expressed concern that the scope of Tan's investments could complicate the task of reviving Intel. Along with Taiwan Semiconductor 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 company 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 competencies to revive the flagging American icon. "He was at the top of my list and most investor's lists of who they wanted," Bernstein 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 companies: Sakarya Limited and Seine Limited. Tan was sole owner of Sakarya as of October 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 appropriately 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 told Reuters that Tan had divested from his positions in entities in China, without providing further details. Chinese databases reviewed by Reuters list many of his investments as current, and Reuters was unable to establish the extent of his divestitures. It is not illegal for U.S. citizens to hold stakes in Chinese companies, even those 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 explicitly 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 controlled technologies to companies but does not bar investments in them. The Pentagon 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 developing 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 Washington, which had no comment on the findings, but spokesperson Liu Pengyu said: 'We would like to reiterate our firm opposition to the U.S. generalizing the concept of national security, distorting and smearing China's military-civilian integration 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 and 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 with 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, according to Chinese corporate records. The government funds are mostly from municipal governments of Chinese tech hubs like Hangzhou, Hefei, and Wuxi. Walden has also invested in six Chinese tech firms alongside leading PLA supplier China Electronics Corporation, which was sanctioned by President Trump in 2020 as part of an executive order that banned purchasing or investing in "Chinese military companies." CEC did not respond to a Reuters request for comment. "In this political climate, (China ties) would be something that responsible business leadership at a company like Intel would at least have a serious conversation about how to try and manage," said Santa Clara law school professor Stephen Diamond. "It's obviously politically sensitive and the board would certainly want 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 February 2024, which found 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, Lip-Bu Tan was a sought-after benefactor and mentor in the booming tech scene of the 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 committee's final report said Walden exited SMIC in January 2021. SMIC did not respond 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 Micro Electronics Equipment Company, which supplies chips for Chinese defense firms and research institutes, according to Chinese corporate data. All-Semi did not respond to a request for comment.
Reuters
10-04-2025
- Business
- Reuters
Insight: Intel CEO invested in hundreds of Chinese companies, some with military ties
BEIJING/SAN FRANCISCO, April 10 (Reuters) - Lip-Bu Tan, the man chosen to lead Intel, the U.S.'s largest chip maker, has invested in hundreds of Chinese tech firms, including at least eight with links to the People's Liberation Army, according to a Reuters review of Chinese and U.S. corporate filings. The appointment last month of Tan, one of Silicon Valley's longest-running investors in Chinese tech, as CEO of a company that manufactures cutting-edge chips for the U.S. Department of Defense raised questions among some investors about the 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 entities. Several investors interviewed by Reuters expressed concern that the scope of Tan's investments could complicate the task of reviving Intel. Along with Taiwan Semiconductor 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 company 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 competencies to revive the flagging American icon. "He was at the top of my list and most investor's lists of who they wanted," Bernstein 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 companies: Sakarya Limited and Seine Limited. Tan was sole owner of Sakarya as of October 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 appropriately 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 told Reuters that Tan had divested from his positions in entities in China, without providing further details. Chinese databases reviewed by Reuters list many of his investments as current, and Reuters was unable to establish the extent of his divestitures. It is not illegal for U.S. citizens to hold stakes in Chinese companies, even those 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 explicitly 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 controlled technologies to companies but does not bar investments in them. The Pentagon 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 developing 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 Washington, which had no comment on the findings, but spokesperson Liu Pengyu said: 'We would like to reiterate our firm opposition to the U.S. generalizing the concept of national security, distorting and smearing China's military-civilian integration 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 and 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 with 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, according to Chinese corporate records. The government funds are mostly from municipal governments of Chinese tech hubs like Hangzhou, Hefei, and Wuxi. Walden has also invested in six Chinese tech firms alongside leading PLA supplier China Electronics Corporation, which was sanctioned by President Trump in 2020 as part of an executive order that banned purchasing or investing in "Chinese military companies." CEC did not respond to a Reuters request for comment. "In this political climate, (China ties) would be something that responsible business leadership at a company like Intel would at least have a serious conversation about how to try and manage," said Santa Clara law school professor Stephen Diamond. "It's obviously politically sensitive and the board would certainly want 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 February 2024, which found the firm made at least six other investments, opens new tab 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, Lip-Bu Tan was a sought-after benefactor and mentor in the booming tech scene of the 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 committee's final report said Walden exited SMIC in January 2021. SMIC did not respond 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 Micro Electronics Equipment Company, which supplies chips for Chinese defense firms and research institutes, according to Chinese corporate data. All-Semi did not respond to a request for comment.
