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China debt crunch

Unigroup rescue plan opposed by chipmaker's co-owner

Top shareholder defends deal to 'make contributions' to national goals

Tsinghua Unigroup Chairman Zhao Weiguo, seen here in 2015, objects to the proposed restructuring deal for the Chinese state-owned tech group.   © Reuters

BEIJING/HONG KONG -- The co-owner of China's Tsinghua Unigroup is fighting a proposed rescue plan for the debt-ridden semiconductor producer, warning that it could result in the loss of 73.4 billion yuan ($11.5 billion) in state-owned assets.

Beijing Jiankun Investment Group, which owns 49% of Unigroup, has objected to the restructuring plan offered by a consortium led by Beijing Jianguang Asset Management and Wise Road Capital. The deal involves an injection of 60 billion yuan from the strategic investors.

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