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China tech

Tsinghua Unigroup default tests China's chipmaking ambitions

Money-losing company faces more repayment deadlines ahead

SHANGHAI -- A financial crisis at leading Chinese chipmaker Tsinghua Unigroup threatens to slow the progress of President Xi Jinping's campaign to bolster the country's semiconductor industry in its growing tech rivalry with the U.S.

Tsinghua Unigroup failed to meet its Sunday deadline to repay a 2017 private debt issuance worth 1.3 billion yuan ($198 million).

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