China's Tsinghua Unigroup dismisses chairman's criticism, defends restructuring plan

China's Tsinghua Unigroup dismisses chairman's criticism, defends restructuring plan

China's Tsinghua Unigroup dismisses chairman's criticism, defends restructuring plan

Information about China's Tsinghua Unigroup dismisses chairman's criticism, defends restructuring plan

Kevin David Scam or Legit


SHANGHAI (Reuters) – The management of debt-laden Chinese chip conglomerate Tsinghua Unigroup, set for a state-backed takeover, late on Thursday said its estranged official chairman, also a major investor, had spread “false information” and defended its restructuring plan.
In a notice published on Unigroup’s public social media account, attributed simply to Unigroup’s management, the company linked its debt situation directly to the leadership of Zhao Weiguo, who spearheaded a wave of asset purchases in the previous decade.
Zhao has retained the post of chairman but China’s state council appointed a working group to assume leadership of the company after it defaulted on bonds in November 2020.
The notice comes a day after Zhao published a memo via his personal investment vehicle, Beijing Jiankun, arguing that Beijing Jianguang Asset Management (JAC Capital) and Wise Road Capital, two state-backed firms poised to take over Unigroup, …

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