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Zhao Weiguo resigns from two Tsinghua Unigroup subsidiaries
Source: DIGITIMES   Editor: Helan   Update Time :2018/4/9 17:52:15

Zhao Weiguo has resigned as chairman of both Unisplendour and Unigroup Guoxin, as well as from their boards of directors. Zhao remains chairman of China's state-owned Tsinghua Unigroup, which own both Unisplendour and Unigroup Guoxin.

Unisplendour has been playing a key role in expanding the scale of Tsinghua Unigroup through acquisitions domestically and internationally, according to a report by China's CNBeta.com. Unisplendour managed to make a number of domestic acquisitions, but its effort to acquire foreign companies has hit a bumpy road.

In China, Tsinghua Unigroup has acquired nearly 20 companies since 2013, according to the CNBeta.com report, and more than half of them were from China's IC sector involving investments totaling nearly CNY100 billion (US$15.9 billion).

However, plans for overseas acquisitions have not been as successful as domestic ones, which could be the cause of Zhao's resignation from Unisplendour. Unisplendour's Zhao-devised acquisition strategy leveraged government funding to acquire international targets, but created concerns about China's move to raise IC self-sufficiency.

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