Arm China chief axed

ARM moved a step closer to a stock market float after booting out the renegade boss of its China division.

Allen Wu was dismissed two years ago for alleged conflicts of interest but refused to leave. it is understood he set up a personal fund that invested in its Chinese clients.

The semiconductor firm said: ‘Arm China is in the process of resolving its longstanding corporate governance issue.’

Arm has appointed liu renchen and eric Chen as co-chief executives. Arm has been unable to audit the China unit’s financials – a big hurdle for the initial public offering. Wu’s removal smooths the path for a stock market return that could value Arm at £48bn.