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This article provides a bit more background: https://telecoms.com/508812/chips-are-down-as-china-semiconductor-plant-goes-belly-up https://telecoms.com/508812/c

• estaseuropano 6y ago
  > An $18.5 billion project, HSMC has been beset by problems pretty much since it opened for business in late 2017, and funding issues drove it into the ground last year. [...] > The Global Times quotes industry analyst Ma Jihua as saying that the project’s collapse is not indicative of the state of China’s semiconductor industry as a whole. Furthermore, since HSMC has been in trouble for a couple of years, its failure is in line with industry watchers’ expectations. > “There may be more failures in the sector in the future, as there [were] too many start-ups established two or three years ago,” Ma told the paper. [..] This is a weird article, just rehashing other articles. And with a quotation from a Chinese government newspaper citing this $18bn project was just a startup. I might have missed a train somewhere, but how can something with $18bn invested by government still be considered a startup? There is financial engineering and number bs for Uber and similar companies which gives them insane and illogical valuations, but if you get $18bn in your pocket that's a planet apart.