Chip Scam: China's 15 Billion USD Chip Project Goes Bankrupt | HSMC | Huawei | TSMC| Semiconductor

On March 5, Wuhan Hongxin (HSMC), a Chinese semiconductor and chip-manufacturing company with a total planned investment of more than 15 billion USD, officially announced its bankruptcy and laid off 240 employees. The project was the largest chip-manufacturing project in China, twice the size of the New York-listed SMIC. It was launched in November 2017 and was once seen as the future and hope of China's chip industry. But it fell apart in just 4 years. China manufacturing 2025. According to statistics, in 2019 alone, the country added more than 10,000 new chip enterprises, in 2020, the annual number of newly registered chip enterprises went up to 22,800, an increase of 195%. In just the first two months of 2021, new registrations have reached 4,350, a year-on-year increase of 378%. As of today, there are 66,500 chip-related enterprises in mainland China. In May 2020, the proposed US$10 billion chip manufacturing plant, Chengdu Gexin, was officially shut down. The project lasted only