On June 28, 2021, the Beijing No.1 Intermediate People’s Court approved the Restructuring Plan of Peking University Founder Group Co., Ltd. (the “Founder Group”) and other four companies. The Founder Group was once the largest university-run enterprise in China, and the bankruptcy restructuring of Founder Group is one of the most complicated bankruptcy restructuring cases in China.
Shenchao Technology Investment Co., a wholly-owned subsidiary of Shenzhen Major Industrial Investment Group, acted as a co-investor in the Founder Group and on its acquisition of all equity previously held by the Founder Group in Founder Microelectronics in the bankruptcy restructuring of the Founder Group.
Shenzhen Major Industrial Investment Group is an investment platform for leading industries owned by the Shenzhen municipal government. Its investments focus on major industries such as integrated circuits, with the aim of empowering breakthrough technologies. Founder Microelectronics is a national high-tech enterprise engaged in the manufacturing of integrated circuit chips. It has the first 6-inch device production line in China, with business implantation of its 13 silicon carbide product series, which leaps into the front rank of the 6-inch production line in China.
Fangda’s Shenzhen and Guangzhou offices in the Greater Bay Area worked closely together to advise Shenchao Technology on all aspects of the transaction. The Fangda team is led by corporate partner Qiang Ma and dispute resolution partner Ivan Su, and the core members include Shirley Feng, Terry Ling, Kevin Liu and Jiaqi Wen.