Core Viewpoint - The restructuring plan of Jiangsu Times Chip Storage Semiconductor Co., Ltd. has failed due to severe investor defaults, marking the end of a significant 12-inch wafer factory in China's semiconductor industry and highlighting the deep contradictions between capital frenzy and industrial rationality [1][2]. Group 1: Restructuring Failure - The restructuring process began in July 2023 when the company, which planned to invest 13 billion yuan in a 12-inch wafer factory, was accepted for bankruptcy liquidation due to insolvency [2]. - The core asset, an ASML lithography machine valued at 143 million yuan, went unsold in an auction due to outdated technology and debt disputes [2]. - The restructuring investor, Huaxin Jiechuan Integrated Circuit Manufacturing Co., Ltd., proposed a 20 billion yuan restructuring plan but failed to pay the agreed funds, leading to the termination of the restructuring process on June 13, 2025 [2]. Group 2: Industry Context - The fate of Times Chip Storage reflects the "Great Leap Forward" style development in China's semiconductor industry, where the company was established in 2016 with plans to produce 100,000 PCM chips annually [3]. - The company faced a financial crisis in 2020, unable to pay for equipment, project costs, and employee salaries, resulting in a total execution amount of 863 million yuan involving various creditors [3]. - The original shareholders' equity has been legally wiped out due to the company's inability to cover its debts [3]. Group 3: Industry Warnings - The case of Times Chip Storage is not isolated, as other projects like Dehuai Semiconductor and Wuhan Hongxin have also faced failures due to blind expansion and investment [4]. - In contrast, leading companies in the industry are building barriers through technological iteration and ecosystem integration, such as SMIC's increased production capacity and Changdian Technology's cost reduction strategies [4]. - Policy initiatives are being strengthened to guide the industry, with funds being established to support semiconductor optimization across the entire chain [4]. Group 4: Future Outlook - The management has initiated a new round of investor recruitment, but the revival of the project is considered highly challenging [5]. - The original shareholders plan to continue promoting PCM technology through foundry services without bearing shareholder responsibilities [5]. - The demise of Times Chip Storage may signify a shift in the industry from "barbaric growth" to "rational restructuring," emphasizing the need to respect industrial laws to compete globally [5].

Core Viewpoint - India is set to launch its first domestically produced semiconductor chip by mid-2025, marking a significant milestone in its semiconductor manufacturing journey, despite the technology being based on 28nm and 90nm nodes, which are considered outdated compared to global standards [1][2][5]. Group 1: Semiconductor Production - The Indian government has confirmed that chips based on 28nm and 90nm technology will begin production this year, representing a leap for the country, which has historically struggled with chip manufacturing [1][2]. - The introduction of these chips is not just about technology but also about establishing credibility in the semiconductor industry, as India transitions from merely outsourcing to actual production [1][3]. Group 2: Market Context - The 28nm process node is still widely used in various electronic products, including automotive and industrial applications, indicating that India's entry into this market is strategically important for diversifying supply chains away from China and Taiwan [2][3]. - The global semiconductor landscape is competitive, with significant investments from the U.S. and the EU, highlighting the urgency for India to establish its presence in this critical sector [3][4]. Group 3: Strategic Implications - The production of these chips signifies a shift towards digital independence for India, as it moves from reliance on imports to developing its own semiconductor capabilities [4][5]. - This initiative is not merely symbolic; it represents a functional turning point for India, as it builds the necessary infrastructure and talent to support semiconductor manufacturing [3][5].

印度联邦信息技术部长阿什维尼·瓦伊什诺（Ashwini Vaishnaw）在五月证实了这一消息，并表示基 于28纳米和90纳米工艺节点的芯片将于今年投产。这听起来或许并非尖端技术（毕竟台湾正在推进3 纳米工艺），但对印度来说？这可是一次飞跃。此前，芯片设计一直是印度的瓶颈。制造，尤其是涉 及实际洁净室和光刻工艺的制造，要么被外包，要么被推迟。但现在呢？印度终于有了真正的硅片， 足以证明其硅谷式的雄心壮志。 公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 sify 。 2023年底，我们发布了关于印度自主研发的"安特曼尼巴尔"（Aatmanirbhar）GPS（名为NAVIC） 的消息。如今，经过多年的政策宣传、全球晶圆厂合作以及不计其数的公告，印度终于开始真正意义 上生产芯片了。2025年中期，印度将推出首款完全在本土生产的自主研发半导体芯片。 这不仅仅关乎一块芯片，甚至一座晶圆厂，而是关乎整个国家的发展历程。印度首款自主研发的半导 体芯片，经过测试、验证，即将投入使用，这意味着印度不再需要空谈自力更生。事实确实如此。从 基础设施到人才再到政策，各个环节终于步入正轨。要赶上台积电或三星这样 ...