Reported 9 months ago
Shanghai Wusheng Semiconductor (Group) Co., Ltd., with a registered capital of 10 billion RMB, went bankrupt in less than 3 years after claiming to have invested nearly 40 billion RMB. Despite signing big investment deals, the company failed to pay its debts and wages, leading to bankruptcy. The company faced multiple lawsuits and was eventually dissolved by its parent company. Shanghai Pudong New Area People's Court has initiated compulsory liquidation proceedings against the company.
Source: YAHOO