Announced approval of Tsinghua Unigroup’s reconstruction plan
https://www.caixinglobal.com/2021-12-14/tsinghua-unigroup-files-draft-debt-restructuring-plan-for-court-approval-101817698.html
🟩 Reconstruction plan for the bankrupt Tsinghua Unigroup
Creditors of the bankrupt Chinese semiconductor group Tsinghua Unigroup approve a restructuring plan to select a coalition centered on two investment funds as the successor Have. A coalition led by JAC Capital, a state-owned enterprise investment fund, and Wise Road Capital (Beijing Zhilu Asset Management), an investment fund, was selected as the successor. The investment fund will pay 60 billion yuan (about 1.1 trillion yen) to Tsinghua Unigroup, and will inherit a total of seven companies, including affiliated companies, in a lump sum.
Tsinghua Unigroup
It was established in 1993 by Tsinghua University Science and Technology Development Corporation. It is a corporate group that acquired semiconductor and high-tech enterprises in China under former real estate tycoon Zhao Weiguo and became the center of the semiconductor industry. Although it is said to have assets of nearly 300 billion yuan, it has suffered several defaults on corporate bonds with huge debts.
Ziguang Guoxin MicroelectronicsUnisoc TechnologiesYangtzeMemory
Technologies
🟩YMTC, a major NAND memory company, becomes a government company
YMTC (Yangtze River Survival Science & Technology), a NAND semiconductor memory company, becomes a subsidiary of Hubei, a government-affiliated investment company. 。 Originally, Hubei Kejong was a major shareholder of YMTC, and with the reconstruction of the Tsinghua Unigroup, YMTC became a subsidiary. In the restructuring plan, a private coalition centered on Alibaba Group became a strong candidate for succession. However, by receiving government investment, it became almost a state-owned enterprise. In terms of economic security, it is influenced by China’s policy of being self-sufficient in semiconductors.
🟩Summary
Tsinghua Unigroup’s restructuring plan brings NAND memory giant YMTC under the Chinese government
