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China’s Tsinghua Unigroup completes debt restructuring, ownership change to keep afloat its major semiconductor operations
- Under new owner Beijing Zhiguangxin Holding, Tsinghua Unigroup gets a new lease on life to run some of the nation’s major semiconductor operations
- Unigroup’s creditor repayment plan involves a cash outlay of US$8.94 billion and various debt-to-equity swaps
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Tsinghua Unigroup, the former high-flying technology conglomerate affiliated with China’s top university, has completed its year-long debt-restructuring process, ending the company’s high-stakes battle to keep afloat some of the nation’s major semiconductor operations.
Beijing-based Unigroup said it has entered a “new phase” after concluding the business registration of its new equity owner, directors, supervisors and general manager, according to the company’s statement on Monday.
New owner Beijing Zhiguangxin Holding – formed last year by lead investor Wise Road Capital and its sister fund Beijing Jianguang Asset Management Co, known as JAC Capital – has fully taken over Unigroup’s equity from Tsinghua Holdings and Beijing Jiankun Investment Group.
Li Bin, a former executive at Chinese contract chip maker Semiconductor Manufacturing International Corp, serves as legal representative of the holding company, which counts several provincial state-owned funds as investors.
Zhiguangxin’s biggest shareholder, with a 29 per cent stake in the company, is state-owned fund Wuhu Xinhou Yunzhi Equity Investment Partnership from eastern Anhui province. Wuhu Xinhou is an entity controlled by Li, Zhiguangxin’s legal representative, according to business registry records.
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