The Chinese regime had poured nearly $20 billion into developing the company HSMC and its semiconductor industry. Stimulated by the government subsidies and incentives, the industry boomed—with HSMC taking the lead. It was all part of an effort to combat U.S. sanctions, which blocked U.S. microchip technology from making its way to China. After struggling for a year, HSMC is asking employees to resign without compensation.
By Chen Han.