Chinese tech giant Tsinghua Unigroup closed this week by confirming that one of its creditors has gone to court to file for bankruptcy.
The state-backed Tsinghua Unigroup is the parent company of many chipmakers, including China’s second-greatest developer UNISOC. It embodies China’s drive to build a self-sustaining semiconductor industry.
The lender, who went to court, claims that the company did not fulfill its obligations on time, having missed several maturities of the bonds, starting in November.
“Our group will fully cooperate with the court to conduct a forensic investigation and proactively resolve the debt risk issue,” Tsinghua Unigroup said in a statement to Nikkei Asia. “We support the court in order to protect the legal rights of the creditor in accordance with the law.”
The lender is Huishang Bank, a state-owned medium-sized bank located in Anhui province. He did not respond to Nikkei Asia’s request for comment.
Tsinghua Unigroup has enjoyed the backing of China’s central government and local leadership for many years. She nurtured memory maker Yangtze Memory Technologies, which aims to challenge market leaders Samsung and Micron. In turn, the above-mentioned UNISOC company expects to compete with Qualcomm and MediaTek.
The debt stemmed from significant delays in the construction of giant manufacturing facilities, including a $ 30.8 billion 3D NAND flash factory in Chengdu and a DRAM factory in Chongqing. It is even possible that the company will refuse to further implement these projects. In the meantime, she intends to sell part of her stake in UNISOC in order to free up funds.
By the start of the year, Tsinghua Unigroup defaulted on seven bonds worth about $ 3.6 billion, according to Refinitiv.
According to Tsinghua Unigroup, the judicial restructuring will not affect the company’s legal entity status, production and other activities, especially since its other subsidiaries are showing significant revenue growth. Security hardware developer Unigroup Guoxin Microelectronics increased sales year-on-year by 50% in Q1 and cloud infrastructure provider Unisplendour Corporation by 30%.
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