An $18.5 billion semiconductor manufacturing project in Wuhan City backed by the Chinese regime has failed, with employees having been “asked to resign” before Feb. 28. Anonymous sources from Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC) told Caixin its employees “submitted resignation applications before Feb. 28 and completed the departure clearance before March 5.” The notice was sent to the 240-member internal group chat with on Feb. 26. The company, which was once touted as the Chinese Communist Party’s key to becoming a self-sufficient chipmaker, made clear that it had “no plan for resumption of work and production.” Reports said that the company did not offer an explanation or any compensation plan. Employees felt it hard to accept. One was quoted in the report as saying that “I did not expect HSMC to fail so quickly as there has been speculation that companies like Xiaomi or Huawei might take over.” Launched …
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