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Chinese $2.8bn memory chip project goes bust

Nanjing-based Tacoma failure prompts hunt for investors to finish fab plant

The Nanjing city government invested nearly $55 million in Tacoma Semiconductor Technology, but the company failed to deliver on its promise.   © Reuters

A Chinese company that launched a $2.8 billion government-backed semiconductor project four years ago is going bankrupt after it failed to attract investors, even as China tries to become self-sufficient in computer chips.

Tacoma Semiconductor Technology was ordered by Nanjing Intermediate People's Court of Jiangsu Province to undergo compulsory liquidation and bankruptcy, according to a national enterprise bankruptcy information website run by the Supreme People's Court.

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