Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC), an $18.5 billion company that aimed to become one of China's leading high-tech chipmakers, lost its chief executive amid a cash crunch that pushed the company to the verge of collapse.
Wuhan's HSMC lost industry vet Chiang Shang-yi as funding failed to materialize

HSMC is part of a recent boom in the Chinese mainland’s semiconductor industry as Beijing prioritizes self-sufficiency in key tech areas affected by tensions with Washington.
Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC), an $18.5 billion company that aimed to become one of China's leading high-tech chipmakers, lost its chief executive amid a cash crunch that pushed the company to the verge of collapse.