A consortium led by Beijing Jianguang Asset Management and Wise Road Capital will become a strategic investor in Chinese chip conglomerate Tsinghua Unigroup, the company said on Friday.
The deal, which is pending court approval, winds down a long-gestating restructuring process for the beleaguered Tsinghua Unigroup, which was once poised to be China's chip champion but later found itself saddled with debt., which was competing with state-backed Jianguang Asset Management to purchase the company in order to bolster its fledgling chip division.The size of the investment was not disclosed in Unigroup's statement.
Yet few of those bets turned out successful, which caused the company to cross-default on onshore and offshore bonds worth about $3.6 billion by the end of 2020. The following year it received a court order calling for its restructuring. According to public filings, the firm indirectly controls Wise Road Capital, a fund which brokered a number of cross-border deals for China's chip sector.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China dismisses UK, Canada Olympic boycott as 'farce'China is dismissing the decision by Canada and the United Kingdom to join Washington’s diplomatic boycott of the 2022 Beijing Winter Olympic Games as a “farce.”
Read more »
Analysis: Xi's next term needs a new China portfolio, investors sayFor global banks and fund managers drawing up their 2022 China investment strategies, one factor occupies their minds but eludes valuation models: President Xi Jinping's next five years in office.
Read more »
Christopher Makos and Lee Caplin Recall Warhol’s Travels Through ChinaIn honor of 'MAKOS: WARHOL in China – 40 Years After,' a recently unveiled exhibition curated by LeeCaplin and photographer ChristopherMakos, the two friends recall AndyWarhol's first journey across Eastern Asia.
Read more »
Taiwan loses diplomatic ally Nicaragua to China | AP NewsTaiwan has lost Nicaragua as a diplomatic ally after the Central American country said it is officially recognize only China, which claims self-ruled Taiwan as part of its territory. The move leaves Taiwan with 14 countries globally that recognize it.
Read more »
China guilty of genocide, crimes against humanity against Uyghurs, watchdog findsA public tribinal led by a prominent British human rights lawyer has found that China is committing genocide by imposing measures to control Uighur births in the northwest Xinjiang province.
Read more »
China travel boom is stuck in the departure loungeDomestic tourism was already struggling of late. Now a surge in pandemic curbs like testing and quarantine is making regional travel difficult. Duty-free giant China Tourism’s decision to shelve its $6 bln Hong Kong listing shows the industry hunkering down for staycation pain.
Read more »