Weebit Nano appoints 40-year semiconductor veteran for push into China

December 03, 2018 -- Weebit Nano (ASX: WBT), the Israel-based semiconductor company  has appointed Jackson Lam as Vice President Strategic Alliances, China to advise on strategy for that market.

Mr Lam will be responsible for Weebit Nano’s partnerships in China, including customers, potential industry partners, and investors.

The Chinese semiconductor industry is growing faster than the rest of the world with revenues expected to reach almost US$129 billion by 2020 – nearly a third of global revenue. The Chinese government recently allocated a 300B Yuan (US$47.4 billion) fund for development of China's semiconductor industry.

This latest fund by the government-backed China Integrated Circuit Industry Investment Fund follows a similar one launched in 2014 that raised US$21.8 billion, from central and local government-backed enterprises and industry players. Among other efforts, the fund would be used to improve China's ability to design and manufacture advanced microprocessors and graphic-processing units.

This makes China a prime target for semiconductor providers such as Weebit Nano.

Mr Lam has almost 40 years of experience in the Chinese semiconductor industry. He spent 15 years with Panasonic in business development, and established an R&D and manufacturing company providing services for many well known international semiconductor companies. In the past 12 years, Mr Lam has focused on helping Israeli companies set-up and expand their business in China.

Coby Hanoch, CEO of Weebit Nano, said: “The Chinese market has become very important in the strategic plans of semiconductor companies and represents huge potential for Weebit Nano. Jackson has a very deep understanding of the dynamics of this market. His broad experience in helping Israeli companies grow in the Chinese market and connecting them to local investors, is extremely valuable to us.”

Jackson Lam said: “I am very excited to join the Weebit Nano team. Weebit Nano has made rapid progress in developing its ReRAM technology, which I believe has significant potential in China to be of interest to a large number of parties. There are many companies and investors looking for good strategic investment opportunities in the semiconductor space, and now is the right time for Weebit Nano to enter this market.”

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