China's Tsinghua dismisses chairman's criticism, defends restructuring plan

Zhao Weiguo has retained the post of chairman but China's state council appointed a working group to assume leadership of the company after it defaulted on bonds in November 2020.

The management of debt-laden Chinese chip conglomerate Tsinghua Unigroup, set for a state-backed takeover, late on Thursday said its estranged official chairman, also a major investor, had spread "false information" and defended its restructuring plan.
 

In a notice published on Unigroup's public social media account, attributed simply to Unigroup's management, the company linked its debt situation directly to the leadership of Zhao Weiguo, who spearheaded a wave of asset purchases in the previous decade.
 

Zhao has retained the post of chairman but China's state council appointed a working group to assume leadership of the company after it defaulted on bonds