Beijing is weeding out bad actors in the semiconductor industry and concentrating its resources on well-established firms.
An employee at Jiejie Microelectronics, a semiconductor manufacturer, in Nantong, Jiangsu province, China, March 17, 2021. Credit: FeatureChina via AP Images
After years of state-backed plenty, China’s semiconductor industry is undergoing a reckoning.
Take Beijing Zuojiang Technology which, since going public in 2019, has touted its chips as a domestic alternative to U.S. giant Nvidia’s data processing units. Riding the AI boom, the company’s market cap reached a peak of $300 billion yuan ($41.5 billion) last July.
A notice from the China Securities Regulatory Commission regarding Zuojiang Technology. Credit: CSRC
But that
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