By Syndicated Content
By Josh Horwitz
SHANGHAI (Reuters) - Tsinghua Unigroup, a Chinese conglomerate that has long sought to become a semiconductor powerhouse, is now caught between a rock and a hard place as debt woes mount while key chip units are failing to thrive, sources with knowledge of the matter said.
Best known for an unsuccessful $23 billion bid for U.S. chipmaker Micron Technology Inc in 2015, Unigroup in November shocked investors with a default on a 1.3 billion yuan ($200 million) bond. Including that bond, Unigroup has now either defaulted or had cross-defaults triggered on seven onshore and offshore bonds worth about $3.6 billion, according to Refinitiv data.
By Josh Horwitz SHANGHAI (Reuters) - Tsinghua Unigroup, a Chinese conglomerate that has long sought to become a semiconductor powerhouse, is now caugh.
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SMIC appoints former TSMC R&D head as executive director, highlighting need for pragmatism amid push for home-grown tech Che Pan SMIC has been seen as China’s best shot to catch up with global peers like TSMC. Photo: EPA-EFE
A boardroom shake-up at China s leading wafer foundry Semiconductor Manufacturing International Corporation (SMIC) could be an attempt to bring stability to a national chip champion trying to reduce the country s reliance on core US semiconductor technology.
Chiang Shangyi, who spent nine years as head of research and development at Taiwan foundry giant TSMC before retiring in 2006, has been appointed executive director and vice-chairman of SMIC and a member of its strategic committee, according to a SMIC stock filing on Tuesday.