In order to establish a semiconductor supply chain, the Chinese Communist Party has not only invested money in a tycoon style, but also kept digging into Taiwan’s walls, poaching many talents from TSMC and other semiconductor companies. Now, these state-supported Chinese semiconductor companies are collapsing one by one, following Wuhan Hongxin detonation of 100 billion yuan big rotten, after a huge investment of 59.8 billion yuan sister enterprise – Quanxin engaged in 2 years, even the plant has not seen a trace, 180 Taiwan engineers lost both money. According to the Free Times, the proud Tsinghua Ziguang Group has been filed for bankruptcy reorganization by its own family member, Huishang Bank, and the major Chinese semiconductor company, SMIC, has been disabled by the U.S. sanctions.
According to the Free Times, Xi Jinping’s dream of yellow sorghum! China’s “core” all broken …… In order to support Xi Jinping’s semiconductor dream, China’s local governments have given the green light to invest about 30 billion yuan in 2019, which will skyrocket to 140 billion yuan in 2020, an increase of nearly four times. Among them, Wuhan Hongxin, with TSMC’s former co-chief operating officer Chiang Shang-Yi as CEO, was once considered a bright light for China’s semiconductors.
However, because many local governments are eager to show their achievements, giving the opportunity to fraudulent people, the semiconductor bad things have been detonated, Wuhan Hongxin thunderbolt, officially unveiled the Chinese semiconductor investment nightmare. It is reported that China’s first ASML lithography machine as soon as it arrived Hongxin was used to mortgage, the Hubei provincial government invested 100 billion yuan also “released water”. Then, “Hongxin” promoter “Cao Shan” was exposed to be a fake name, his real name is Bao Enbao, he has set up Zhuhai “Yixin”, “Yunxin”, Hubei Province since 2018. “Cloud Core”, Hubei “Tianxin” and Jinan “Quanxin”, these semiconductor companies and Wuhan Hongxin are “the same heart “.
After the closure of Hongxin, Liu Canwen, the factory manager who worked at UMC, returned to Taiwan and was approached by Han Lei Chairman Xu Jianhua in March this year to be the general manager. Hongxin and in May this year for the charter filing change, renamed Wuhan New Industry Modern Manufacturing Co., Ltd. with a registered capital of 2 billion yuan, the legal representative is Li Tao.
According to the report, when Hongxin was fighting for a big resurrection, Quanxin, which was founded by the same “Cao Shan” as Hongxin, was issued a “sickness notice”, which was strongly supported by the Jinan government, with an investment of up to 59.8 billion RMB, 2 years of construction, and the plant had just finished piling. There was no plant or production line, and the equipment ordered for 1.7 billion RMB was nowhere to be found. More than 400 employees of Quanxin can only work in Hanyu Golden Valley and Qilu Software Park in Jinan High-tech Zone. In April of this year, Quanxin announced that it would stop paying all its employees, including 180 Taiwanese engineers who were scouted from Taiwan and whose average monthly salary was between 50,000 and 100,000 RMB.
The vice president of Quanxin, Jinqiu Xia, had informed all department heads that two companies were interested in taking over Quanxin, but were unwilling to accept any employees, so they had to stop paying their employees.
In view of the previous experience of Hongxin and Quanxin, the Chinese Communist Party lost face and the Chinese Ministry of Industry and Information Technology decided to restrict the conditions of the semiconductor “scattering”, and the financial crisis of Ziguang Group, which was waiting for financial support, finally exploded. Creditors can not help, to July 9, but also by their own family Huishang Bank to the court for bankruptcy restructuring.
Once the news came out, the outside world is in an uproar, there are still many jokes, mainly because the Purple Group is the Tsinghua University in Beijing, the university-run enterprise Tsinghua Holdings under the enterprise group, is the achievement of Xi Jinping’s dream of semiconductors, the hands of funds is once more to overflowing out, the Purple Group Chairman Zhao Weiguo had issued a bold words to eat TSMC, MediaTek, he arrogantly said. “Because I have more money,” and said “MediaTek can not make money? My capital is bigger than his, can always lose money, MediaTek slowly can not stand”.
The Free Times said that now, Ziguang was filed for bankruptcy reorganization by Chinese financial institutions, Zhao Weiguo’s words back then, today, it sounds like a joke. According to Ni Guangnan, an academician of the Chinese Academy of Engineering, said recently that China’s chip after 60 years of development, but still “lack of core and soul”, China’s chip industry is full of “short boards”.
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