China chip crash helps fine-tune tech policy, says mak_robyn:
Alibaba and Chinese state-backed firms are exploring bids for a 46.45% stake in Unisplendour that could be worth as much as $7.7 billion, Reuters reported on July 13, citing people familiar with the matter. Shenzen-listed Unisplendour makes cloud computing infrastructure.
Separately, the company's parent Tsinghua Unigroup said on July 9 that it had received a notice from a Beijing court saying that its creditors have called for a restructuring. As of June 2020, the company said it had $31 billion in debt and just $8 billion in cash and cash equivalents. By the end of 2020, it had defaulted or cross-defaulted on onshore and offshore bonds worth about $3.6 billion, according to Reuters.
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