Another semiconductor company has entered bankruptcy liquidation: the 10-billion-level project is aborted, and the behind-the-scenes operator may have a real estate background

Finance Associated Press

2024-05-23 17:57Published on the official account of Cailianpress, a subsidiary of Shanghai Poster Industry Group

"Science and Technology Innovation Board Daily" on May 23 (Reporter Guo Hui) Wusheng Semiconductor, the main company of the semiconductor project in Shanghai with a planned investment of more than 100 million yuan, has officially entered the bankruptcy liquidation procedure.

According to the National Enterprise Bankruptcy and Reorganization Case Information Network, the Shanghai Pudong New Area People's Court recently officially accepted the compulsory liquidation case of Shanghai Wusheng Semiconductor (Group) Co., Ltd. (hereinafter referred to as "Wusheng Semiconductor").

It is understood that Wusheng Semiconductor was established in 2021 with a registered capital of 10 billion yuan. At the 2021 Shanghai Global Investment Promotion Conference, its parent company Wusheng Electronic Technology Group announced that the Wusheng semiconductor project was signed and settled in Shanghai, and the total investment is expected to be no less than 18 billion yuan, and the construction of the overall project will be completed within five years.

However, less than two years after its establishment, two affiliated companies of Wusheng Semiconductor, including the parent company, were successively liquidated.

The shareholders of Wusheng Semiconductor are Shanghai Wusheng Electronic Technology (Group) Co., Ltd. (hereinafter referred to as "Wusheng Electronics") and China Semiconductor Co., Ltd. Among them, Wusheng Electronics has entered bankruptcy liquidation at the beginning of 2023 and officially declared bankruptcy in January 2024; China Semiconductor Corporation Limited is a company registered in Hong Kong.

Another semiconductor project of Wusheng Electronics in Nanjing, Nanjing Wusheng (later renamed "Xinyue Jixin Semiconductor"), will complete bankruptcy liquidation in October 2023.

According to local official media reports in Nanjing, Nanjing Wusheng is the first OLED chip production project in Chinese mainland to adopt the IDM model, which is jointly invested and built by Hong Kong China Semiconductor Co., Ltd. and Taiwan's Shin Kong International Group. With a total investment of 3 billion US dollars (about 21 billion yuan), the project mainly builds wafer fabs, packaging and testing factories and IC design centers, including OLED display panel driver chips, silicon-based OLED display chips and image sensing CIS chips, etc., with an estimated annual output value of more than 6 billion yuan.

According to the National Enterprise Bankruptcy and Reorganization Case Information Network, the applicant for the bankruptcy liquidation case of Wusheng Electronics is Zhejiang Zhongnan Electromechanical Intelligent Technology Co., Ltd. (hereinafter referred to as "Zhejiang Zhongnan Electromechanical"). Zhejiang Zhongnan Electromechanical is an enterprise that provides factory construction and installation services, and its controlling shareholder is Zhejiang Zhongnan Construction Group Co., Ltd.

What is the cause of the dispute between Zhejiang Zhongnan Electromechanical and Wusheng Electronics, and why was Wusheng Electronics filed for bankruptcy liquidation? The reporter of "Science and Technology Innovation Board Daily" dialed Zhejiang Zhongnan Electromechanical Company today (May 23), but the other party said that the specific situation of the dispute between the company and Wusheng was "inconvenient to disclose".

Wusheng Electronics has previously planned a lot for its display chip project. Wusheng Semiconductor is rumored to have attracted executives from many mainstream semiconductor manufacturers to join, such as: in 2021, it was officially announced that Zhang Duanduan, the former global executive vice president of Samsung, would join Wusheng and serve as a director; Deng Juewei, one of the generals under SMIC founder Zhang Rujing, also served as vice chairman and CEO of Nanjing Wusheng. In addition, Wusheng Electronics has also made a strategic investment of 500 million yuan in Shenzhen Xinshijia to help it promote the construction of 12-inch production lines and the research and development of silicon-grade OLED microdisplays.

Wusheng Electronics is still quite mysterious to the outside world. The reporter of "Science and Technology Innovation Board Daily" paid attention to the fact that the legal representative of Wusheng Semiconductor and the chairman of the two shareholders behind it all pointed to a person named Zhang Jialiang.

Zhang Jialiang (left), chairman of Wusheng Electronics, and Cao Xuwen (right), chairman of Shenzhen Xinshijia, signed a strategic investment agreement

According to public information disclosure, Zhang Jialiang was elected executive director and chairman of the group in April 2020, and previously participated in public activities as the secretary of the board of directors of Wusheng Electronics.

A semiconductor industry investor who has been in contact with the company and the project told the "Science and Technology Innovation Board Daily" reporter that although Wusheng Semiconductor claims to plan to invest more than 10 billion yuan, "it didn't really invest much money at that time", and the operator behind the scenes "is really a real estate developer".

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