TSINGHUA UNIGROUP PUSHED TO BANKRUPTCY

State-backed Tsinghua Unigroup — the parent company of many chipmakers, including China’s No. 2 mobile chip developer UNISOC — said it had received a notice from the First Intermediate People’s Court of Beijing Municipality. A creditor has requested the court to support the bankruptcy protection for the conglomerate, saying the group has failed to repay debt.

The creditor’s move comes after Tsinghua Unigroup, majority owned by the President Xi Jinping’s alma mater Tsinghua University, missed a string of bond payment deadlines since November.

The group owns Yangtze Memory Technology (YMTC) which is building string-stacked 128-layer NAND using separate controller logic chips and NAND chips — a technology called Xtacking.

Tsinghua Unigroup is likely to see some material changes which will affect the listed stocks.