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.