Remember hearing that @exceptionpcb makes printed circuit boards (PCBs) for the F-35 & is owned by Shenzhen Fastprint? Let’s take a look into who Fastprint is & how we can investigate them. Spoiler alert: they supply electronics to the PLA!

First, the website. Shenzhen Fastprint manufactures integrated circuits (ICs), PCBs & other things in SZ, Guangzhou & Yixing, with subsidiaries in HK, UK & the US. They also admit to producing products for the Chinese military since 2010, though that’s not on the English site…

Their Guangzhou & Hunan subsidiaries make “military products,” incl PCBs & secure solid-state HDs for the PLA. Fastprint reported an income of >500 mil USD in 2017. The 2nd largest source was military products (7%) & national defense tech is central to their development plan!

What about the intl angle? China is building “independent & controllable” tech supply chains. International dependence is seen as a vulnerability. Acquiring foreign firms enables the capture of best practices, expertise & machinery, improving domestic production for natl security

In 2015, Fastprint won state recognition for an IC lab w/ the goal of “smashing the intl. tech blockade.” That same year, Shenzhen Fastprint’s HK subsidiary began setting up an Overseas Production Acquisition Fund targeting IC, PCB, & intelligent manufacturing.

By 2017, Shenzhen Fastprint had controlling stakes in at least 3 intl circuit board & electronics makers—all held indirectly—in the US, UK & Singapore, giving Fastprint potential visibility into dozens of markets. Fineline Global alone has offices in all these places, for example

@theNASEM reports PCBs are fundamental to “the operation of military navigation, electronic warfare, missiles,” etc. Enhancing weapons systems requires better & faster ICs & PCBs to be battle-ready, esp. as the PLA pursues AI-enabled weaponry. h/t @ebkania

So what does indirect holding look like? In 2015, Fastprint bought a part of US-based semiconductor manufacturer Xcerra through Fastprint Hong Kong Co., Ltd., Fastprint Technology (U.S.) LLC, and Fasttest Technology Inc. Are these related to Shenzhen Fastprint? Let’s find out!

Fastprint HK’s director is Shenzhen Fastprint’s largest shareholder, CEO, & chairman: Qiu Xingya. Below is the HK corporate record for Fastprint HK & Shenzhen Fastprint’s 2017 annual report showing Qiu & his position in the company (as confirmed by the Chinese business registry).

Fastprint Technology (U.S.) LLC was registered as a foreign business in Delaware (of course!) by Lao Yongxun, whose email is on Shenzhen Fastprint’s website. A 2015 SEC doc names Chen Lan as Fastprint US’ director. Chen Lan is also the name of a Shenzhen Fastprint director.

Fasttest Technology Inc. was registered in Delaware according to the SEC, but doesn’t show up in the registry anymore. The 2015 SEC doc says the director was Liu Min. This name also appears in Shenzhen Fastprint’s 2017 annual report as the company’s 3rd largest investor!

In 2018, a state-led Chinese investment fund attempted to buy the remainder of Xcerra’s businesses, but were blocked by CFIUS over national security security concerns. A little late there…

The @exceptionpcb case goes beyond access to specific military parts & potential tampering. Shenzhen Fastprint’s activities exemplify how China’s military manufacturers go abroad to improve domestic production, often through legal means. @lorandlaskai @RushDoshi @peterwsinger

This was a simple, but vital, investigation using @C4ADS methods. Current reporting on Exception PCB claim there is a risk b/c Fastprint “is Chinese.” Just being Chinese does not constitute risk. Meaningful links to the Party-State & PLA, such as those shown above, create risk

Big thanks to @ltpauley for proofreading these & helping me fit my findings into 280-character blocks!