Chinese foundry HSMC runs out of money

Posted on Wednesday, Nov 25 2020 @ 12:41 CET by Thomas De Maesschalck
TweakTown reports Wuhan Hongxin Semiconductor Manufacturing Company (HSMC) is now insolvent. Last year we wrote HSMC was working on 14nm and 7nm technology but a couple of months ago rumors popped up about financial issues. The former CEO of the ambitious startup explains on LinkedIn that they ran out of money:
Ex-CEO and head of R&D of HSMC, Chiang Shang-yi, told EE Times over a LinkedIn message: "Investors ran short of cash. I got caught by surprise. It's over now, and I'm back home in California".
HSMC had plans for a $20 billion plant but the coronavirus pandemic, the US-China trade war and funding shortages resulted in failure. HSMC is now under the control of the state assets supervision and administration commission for the Dongxihu district government in Wuhan.

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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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