Arm China head scoops $179m

Allen Wu (pictured) head of Arm China, has made a $179 million gain on a $20 million 2019 investment he made in an Arm licensee – audio IC designer Bestechnic – which IPO’d last year.

Wu was dismissed from Arm last year but refused to leave and remains Arm China’s legally recognised representative and holder of the company stamp.

He is in control of the company’s Chinese bank account, which holds $500 million to $600 million and there is a dispute about how much of this is owed to Arm UK in licence fees.

Wu’s original $20 million investment in Bestechnic was made from investment funds under his control.

He says that investing in Arm clients is “common practice in our industry”.