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Chinese Chip Mogul Says $9 Billion Rescue Turning Into ‘a Crime’

  • Chairman Zhao Weiguo amplifies objections to a JAC takeover
  • Unigroup’s rescue remains a priority for China’s chip ambition
Zhao Weiguo
Zhao WeiguoPhotographer: Visual China Group/Getty Images

Tsinghua Unigroup Co.’s chairman has vowed to “fight to the end” a secretive fund’s takeover proposal, amplifying an unusually public dispute over the troubled chipmaker’s $9 billion rescue plan.

Zhao Weiguo, whose company controls 49% of the debt-ridden semiconductor giant, is doubling down on a rare outburst this month against a takeover bid led by JAC Capital. Zhao’s holding firm Jiankun is now intent on unearthing the backers behind JAC, a fund headed by reclusive financier Li Bin that has kept a low profile until its consortium emerged as Unigroup’s winning bidders, the executive told Bloomberg News in an exclusive interview on Tuesday.