China Resources Microelectronics (CRM) is the technology flagship of China Resources (Holdings) Ltd. Co. (CRC), a conglomerate with businesses in a variety of industries – properties, retail, power generation, breweries, microelectronics, petrochemicals, textiles, food, and cement – and significant investments in infrastructure development, pharmaceuticals, and other industries. With 4,201 employees, the CRM subsidiary generated revenues of HK$ 1.45 billion in 2005. To drive its strategy of cost leadership through import substitution, CRM began using the BSC in 2003, shortly after acquiring Huajing, once the pioneer and leader in China’s semiconductor industry. According to the China Semiconductor Industry Association, CRM now ranks No. 1 in sales among local Chinese enterprises, and No. 4 in sales among both local enterprises and foreign-funded enterprises.