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U.K. Chipmaker Said Chinese Investor Pushed for Board Nominees

  • Canyon Bridge’s fund is 99% backed by China Reform Partners
  • Bingham: China Reform has no direct authority over Imagination

Imagination Technologies Group Plc’s owners defended plans to name members of a state-owned Chinese asset manager to the U.K. semiconductor designer’s board, at the fund’s request, because they could be helpful in plans to expand in China.

Canyon Bridge Capital Partners, a private equity firm with offices in California and Beijing, acquired Imagination in 2017 with a fund that was almost entirely provided by state-backed China Reform Fund Management, Imagination Chief Executive Officer and Canyon Bridge partner Ray Bingham said in a hearing of the U.K. Parliament’s cross-party Foreign Affairs Committee on Tuesday.