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

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SHANGHAI (Reuters) - 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 in November 2020.
The notice comes a day after Zhao published a memo via his personal investment vehicle, Beijing Jiankun, arguing that Beijing Jianguang Asset Management (JAC Capital) and Wise Road Capital, two state-backed firms poised to take over Unigroup, ...


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