Major Chip Maker Goes Bankrupt | China Chip Shortage | China electronic industry

Major Chinese Chip Maker Goes Bankrupt | China Chip Shortage | China electronic industry


Chinese chip maker Tsinghua Unigroup faces bankruptcy restructuring after creditor takes it to court


Chip maker Tsinghua Unigroup facing bankruptcy after creditor action, Tsinghua Bankrupt



Indebted state-backed semiconductor manufacturer Tsinghua Unigroup, once seen as China’s biggest hope for reducing the country’s reliance on imported chips, said on Friday that one of its creditors has requested a court to begin bankruptcy proceedings against the company. Citing its inability to pay off debts and a lack of assets that could cover those debts, the creditor requested a bankruptcy reorganisation of the conglomerate, which is also the parent company of Unisoc, China’s largest designer of chips for mobile phones. The bankruptcy application was submitted by state-owned Huishang Bank at the First Intermediate People’s Court of Beijing Municipality.


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