Shanghai's OLED driver chip-related company disbanded: it planned to invest more than 18 billion yua

Recently, according to the announcement of the National Enterprise Bankruptcy and Reorganization Case Information Network, the People's Court of Shanghai City of Pudong New District announced a judgment document on the 20th, ruling to accept the compulsory liquidation case of Shanghai Wusheng Semiconductor Group Co., Ltd.(referred to as Shanghai Wusheng Semiconductor) and designated Shanghai Qiushi Certified Public Accountants Co., Ltd. as the liquidation group of Shanghai Wusheng Semiconductor.

Source: National Enterprise Bankruptcy Reorganization Case Information Network

It is reported that Shanghai Wusheng Semiconductor was established on January 27, 2021 with a registered capital of 10 billion yuan. The legal representative is Zhang Jialiang. The shareholders are Shanghai Wusheng Electronic Technology (Group) Co., Ltd.(hereinafter referred to as Wusheng Electronic Technology Group) and China Semiconductor Co., Ltd., its main business focuses on the design and manufacturing of OLED display drivers, microcontrollers and CIS image sensing chips.

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On February 18, 2024, Wusheng Electronic Technology Group held an extraordinary shareholders 'meeting and made a resolution at the shareholders' meeting to dissolve Shanghai Wusheng Semiconductor. Since Wusheng Electronic Technology Group has entered bankruptcy liquidation procedures, the manager of Wusheng Electronic Technology Group stated that it does not hold the official seal, license, and financial information of Shanghai Wusheng Semiconductor and cannot liquidate Shanghai Wusheng Semiconductor on its own. In April 2024, Wusheng Electronic Technology Group applied to the court for compulsory liquidation of Shanghai Wusheng Semiconductor on the grounds that the respondent Shanghai Wusheng Semiconductor had been dissolved but could not liquidate itself.

According to the official micro-blog of Wusheng Semiconductor, Wusheng Group participated in the signing of major industrial projects at the 2021 Shanghai Global Investment Promotion Conference held on April 7,2021. The total investment of the project is expected to be no less than 18 billion yuan, and all construction of the overall project will be completed within five years.

It is worth mentioning that, in addition to Shanghai Wusheng Semiconductor, it can also be traced back to the bankruptcy and dissolution of two affiliated companies-Shanghai Wusheng Electronic Technology (Group) Co., Ltd. and Nanjing Wusheng Semiconductor Technology Co., Ltd.(later renamed Nanjing Xinyue Polar Core Semiconductor Technology Co., Ltd.).

On July 27, 2020, the Wusheng Semiconductor IDM project with a total investment of US$3 billion held a launching ceremony in Nanjing. It is reported that it can produce 40,000 12-inch wafers per month, and the annual output value will exceed 6 billion yuan. The project mainly builds a wafer factory, a packaging and testing factory and an IC design center. Its products include OLED display panel driver chips, silicon-based OLED display chips and image sensing CIS chips. According to reports, this project was the first OLED chip production project in the country to adopt the IDM model (i.e. chip design + wafer manufacturing + chip packaging) at that time. Zhang Jialiang, then chairman of Nanjing Wusheng Semiconductor, said that the project was only five months from contact to implementation. The main factory building of the first phase of the project is planned to start in Longtan New City, Nanjing Economic Development Zone in October 2020 and will be put into operation in April 2022. However, in the following years, there was no news that the project had started.

On December 22, 2020, Nanjing Wusheng Semiconductor's shareholders, China Semiconductor Company, Shin Kong International Investment Company, and Zhang Jialiang, withdrew, and the legal representative changed from Zhang Jialiang to Wang Feng. In November 2021, Nanjing Wusheng Semiconductor changed its name to Xinyue Polar Core Semiconductor, and its registered capital was changed from CNY 328475 million to CNY 500,000.

In April 2021, Wusheng Semiconductor, a subsidiary of Wusheng Electronic Technology Group, signed a contract to settle in Shanghai at the Shanghai Global Investment Promotion Conference. According to the information of Wusheng Electronic Technology Group at that time, the total investment of Shanghai Wusheng Semiconductor under the Group is expected to be no less than 18 billion yuan, and all construction of the overall project will be completed within five years.

In January 2023, Wusheng Electronic Technology Group was filed for bankruptcy liquidation, and in July 2023 was included in the business anomaly list by the Market Supervision and Administration Bureau of China (Shanghai) Pilot Free Trade Zone. In October 2023, the People's Court of Qixia District, Nanjing City issued a civil ruling declaring Xinyue Jixin Semiconductor bankrupt and ending its bankruptcy liquidation procedures.