Amid a global tech cycle recovery and sustained growth driven by artificial intelligence (AI) and automotive electronics, the semiconductor industry stands at a new inflection point for development. According to data from the World Semiconductor Trade Statistics (WSTS) organization, the global semiconductor market is projected to reach $772.2 billion in 2025, with China's semiconductor industry accounting for approximately one-third of the global total. Key areas such as advanced process nodes, third-generation semiconductors, and advanced packaging continue to accelerate their implementation. Concurrently, competition in the industry's deep-water zones has become increasingly brutal; in the past year of 2025 alone, dozens of semiconductor, automotive, and related upstream and downstream companies worldwide have entered bankruptcy or liquidation proceedings. The parallel dynamics of expansion and consolidation, prosperity and growing pains, paint the most realistic portrait of the current industry cycle.
The following is a compilation by Jiwei Net of approximately 50 bankruptcy cases within the industry. These include both long-established research institutions like the Shanghai Semiconductor Device Research Institute, which was founded over 50 years ago and pioneered many "firsts" in China's semiconductor history, as well as former star enterprises such as Wusheng Semiconductor, which once announced massive investment plans, and Hexin Technology, which focused on high-end processors. More notably, this wave of consolidation spans almost the entire semiconductor industry chain, encompassing upstream equipment and materials, midstream wafer manufacturing and packaging & testing, and downstream chip design and system applications.
Domestically: The bankruptcy review application for Qoros Auto has been accepted by the Suzhou Intermediate Court in Jiangsu Province. Qoros Auto, established in 2007 as a joint venture between Chery Automobile and Israel Corporation, was positioned in the high-end market and was a pioneer in the premiumization of Chinese domestic brands. Since 2023, the company has been mired in operational difficulties including wage arrears and production halts; this bankruptcy review marks the formal initiation of its legal proceedings.
Zhongguang announced that the bankruptcy liquidation proceedings for its former controlled subsidiary, Henan Zhongfukang Digital Display Co., Ltd., have been concluded by a court ruling. The subsidiary entered bankruptcy in January 2025 due to insolvency, and the disposal of its primary assets is now complete. Zhongguang stated that this matter will not affect the company's own main business or its ability to continue operations, nor will it have a significant impact on current profits and losses.
Xinbang Intelligent announced two significant matters: first, the termination of two funded projects, the "Intelligent Manufacturing Innovation R&D Center" and the "Information Technology Upgrade Construction"; second, its controlled subsidiary, Zhuhai Jingsheng Technology Co., Ltd., has been ruled by the Zhuhai Intermediate Court in Guangdong Province to undergo bankruptcy liquidation. The company stated this would optimize resource allocation and not significantly adversely affect its overall business.
Jidu Auto's associated company, Shanghai Jidu Auto Co., Ltd., has added a bankruptcy review case, handled by the Shanghai No. 3 Intermediate People's Court. According to media reports, this is a pre-restructuring procedure aimed at introducing new investors. Prior to this, the company's operations had already stagnated, with shareholders handling subsequent matters.
Evergrande Auto announced that the bankruptcy liquidation application for its indirectly wholly-owned subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd., has been accepted by the Tianjin Binhai New Area People's Court. This company was Evergrande Auto's manufacturing base in Tianjin, which had suspended production since January 2024; this liquidation makes Evergrande Auto's plans to resume vehicle production even more uncertain.
The Suqian Intermediate Court in Jiangsu Province issued an announcement formally ruling that Suqian Yilida Semiconductor Co., Ltd. is bankrupt and concluding its bankruptcy proceedings. The company had aimed to engage in semiconductor chip production technology and equipment R&D and manufacturing but ultimately fell into a vicious cycle of funding chain rupture due to hindered technological breakthroughs and difficulties in market expansion.
Information from the National Enterprise Bankruptcy Reorganization Cases Information Network shows that the Shanghai Semiconductor Device Research Institute has been applied for compulsory liquidation. Founded in 1974, the institute was one of China's earliest units engaged in the research, development, and production of semiconductor devices and achieved many domestic firsts. During the transition to a market economy, it gradually declined due to institutional rigidity and lack of innovation, ultimately meeting its end.
The Ningbo Beilun District People's Court publicly disclosed that Ningbo Laiwei Semiconductor Co., Ltd. has been applied for bankruptcy review. Established in 2019, the company was engaged in the development, production, and application of third-generation semiconductor devices like Gallium Nitride (GaN), adopting an IDM model. Previously, the company and its legal representative had been subjected to court restrictions on high-consumption activities.
The National Enterprise Bankruptcy Reorganization Cases Information Network announced that the Shanghai Pudong New Area People's Court has accepted the bankruptcy case of Shanghai Likexin Semiconductor Technology Co., Ltd. Founded in 2017, the company was once the wholly-owned operating entity of Leadcore Technology, focusing on smart IoT and mobile communication chip R&D. The company is currently involved in over 180 judicial cases, with amounts exceeding 100 million yuan.
The implementation plan for the bankruptcy property distribution of Suzhou Ways Technical Electronic Technology Co., Ltd. has been announced. Established in 2006, the company primarily provided wet process equipment for the semiconductor and LCD panel industries and was once listed on the New Third Board. Impacted by the pandemic and industry pressures, the company incurred losses and was ruled to undergo bankruptcy liquidation in July 2023.
Information from the National Enterprise Bankruptcy Reorganization Cases Information Network shows that Suzhou Zhijing Semiconductor Materials Co., Ltd. has entered bankruptcy liquidation proceedings. Founded in 2022, the company focused on thermally conductive semiconductor packaging materials within the thermal interface materials field, primarily serving semiconductor packaging companies and IGBT & SiC module manufacturers.
Bohai Auto announced that the bankruptcy proceedings for its German wholly-owned subsidiary, Bohai International, have been formally initiated by a German court ruling, and a bankruptcy administrator has been appointed. The company stated this matter does not affect normal production and operations domestically or in other global sectors, and it has made impairment provisions for related assets, considering the risk controllable.
The Quanzhou Intermediate Court ruled to accept the bankruptcy liquidation case of Xirenma United Measurement and Control (Quanzhou) Technology Co., Ltd. Founded in 2017, the company specialized in the R&D, production, and testing of MEMS sensor chips, adopting an IDM model. After experiencing multiple issues including patent disputes, capital conflicts, and stagnation of core projects, it ultimately went bankrupt.
The Chongqing No. 5 Intermediate People's Court disclosed that Super Node Innovation Technology (Shenzhen) Co., Ltd. has applied for bankruptcy review of Xuantongwei (Chongqing) Electronic Technology Co., Ltd. Founded in 2019, the company's main business included integrated circuit chip design and services; its parent company, Shenzhen Xuantongwei's last financing record dates back to 2020.
The Nanjing Qixia District People's Court ruled to accept the bankruptcy liquidation application for Zhongzhixing Technology Co., Ltd. The company was founded in 2018 by Wang Jin, former general manager of Baidu's Autonomous Driving Division, and chose an L4 autonomous driving technology route based on vehicle-infrastructure cooperation. Court investigations found the company involved in multiple enforcement cases, and its business premises are unknown.
The Shanghai Pudong New Area People's Court issued a civil ruling declaring Shanghai Wusheng Semiconductor Group Co., Ltd. bankrupt and concluding its bankruptcy proceedings. Founded in 2021 with registered capital of 10 billion yuan, the company had planned to invest no less than 18 billion yuan in building semiconductor projects but encountered difficulties less than two years after its establishment.
Qichacha data shows that Jiangsu Jiumao actively applied for bankruptcy review. Established in 2006, the company was a large enterprise focused on aluminum product processing and production, with products applied in 3C electronics, home appliances, automobiles, and other fields, and core customers including renowned brands like Samsung, ASUS, and Lenovo.
Shanghai Xiangxin Integrated Circuit Co., Ltd. has formally submitted a bankruptcy application to the court. Established in 2011, the company was a local packaging and testing enterprise focusing on the packaging and testing of power management chips and had been recognized as a "High-tech Enterprise" and a "Specialized, Refined, Distinctive, and New" enterprise. It suffered a funding chain rupture due to reduced customer orders and rising costs.
TANAKA Seiki announced that the bankruptcy liquidation application for its controlled subsidiary, Shenzhen Youfu Intelligent Equipment Co., Ltd., has been accepted by the Shenzhen Intermediate People's Court in Guangdong Province. Youfu Intelligent was mainly engaged in intelligent equipment business and entered bankruptcy proceedings due to assets being insufficient to clear due debts and a clear lack of solvency.
The Guangzhou Intermediate People's Court in Guangdong Province issued a notice accepting the bankruptcy review application for Hexin Technology Co., Ltd. Founded in 2014, the company focused on the design and R&D of localized high-end server processor chips and was once rated as a "Future Unicorn" in Guangzhou. The court held a hearing on the case on August 6.
Jianwenlu (Zhejiang) Semiconductor Co., Ltd. has been applied for bankruptcy review. Founded in 2016, the company targeted high-frequency filters in the 5G RF field, adopting an IDM model, and had invested 1 billion yuan in Huzhou to build a "Project for Annual Production of 1.63 Billion MEMS RF Chips," but ultimately failed to escape operational difficulties.
The administrator of GAC Fiat Chrysler Automobiles Co., Ltd. (GAC FCA) applied to the court for a ruling declaring its bankruptcy. This joint venture, established in 2010, once launched Jeep brand SUVs in the Chinese market but applied for bankruptcy in 2022 due to intensified market competition, slow product updates, and持续低迷的 sales. After failed restructuring, it moved towards liquidation.
Information from the National Enterprise Bankruptcy Reorganization Cases Information Network shows that Suzhou Paixin Semiconductor Technology Co., Ltd. has been applied for bankruptcy review by a former employee. Founded at the end of 2023, the company specialized in the R&D, manufacturing, and sales of advanced chip packaging and testing equipment. It was deemed to lack solvency due to wage arrears and cessation of operations.
Taiwan-listed company, Photronics Inc., announced on behalf of its subsidiary, Qunfeng Technology, that it has applied to the court for bankruptcy declaration, with total liabilities exceeding 1 billion New Taiwan Dollars. Qunfeng Technology, founded in 2006, was mainly engaged in Micro SD and Nand Flash packaging业务. It sustained losses due to weak demand in the memory market.
Xinfeng Kuantai Technology (Beijing) Co., Ltd. has formally entered bankruptcy liquidation proceedings. Founded in 2011, the company specialized in the R&D of analog chips such as high-performance analog-to-digital converters (ADCs) and had launched Asia's first internationally leading high-performance ADC product. It ultimately succumbed to funding chain tension and fierce market competition.
ST Baili announced that its controlling shareholder, Tibet Xinhai Xin Venture Capital Co., Ltd., has been applied for bankruptcy liquidation by creditors due to inability to repay到期债务. Xinhai Xin holds 21.64% of ST Baili's shares, and all its holdings have been frozen.
The Suining Intermediate People's Court in Sichuan Province accepted the bankruptcy liquidation case of Sichuan Shangda Electronics Co., Ltd. The company invested in building a COF packaging production line in 2019, aiming to break the monopoly of Japanese and Korean companies. Affected by shrinking consumer electronics demand, slow capacity ramp-up, and funding chain rupture at its parent company, it ultimately became insolvent.
The Zhenjiang Economic Development Zone People's Court in Jiangsu Province formally accepted the bankruptcy liquidation case of Zhenjiang New Area Zhenxin Semiconductor Technology Co., Ltd. Founded in 2018, the company was mainly engaged in the R&D, design, production, packaging, testing, and sales of semiconductors and integrated circuits. Its bankruptcy reflects the structural oversupply and intense competition in the domestic semiconductor packaging and testing industry.
The bankruptcy review application for哪吒 Auto's associated company, Hezhong New Energy Automobile Co., Ltd., has been accepted by the Jiaxing Intermediate People's Court in Zhejiang Province. The company's operations have持续恶化 in recent years, with sales plummeting, cumulative losses exceeding 18 billion yuan from 2021 to 2023, and issues including wage arrears, production halts, and numerous judicial disputes.
Julicheng Semiconductor (Chongqing) Co., Ltd. has been applied for bankruptcy liquidation by creditors. The company once carried high hopes for the third-generation semiconductor industry, planning in 2018 to invest 5 billion yuan in building a GaN epitaxial wafer and chip production base in Chongqing. However, the project progressed poorly, the company has become a失信被执行人, and faces liquidation risk.
*ST Gongzhi announced that the Nanjing Qixia District People's Court has formally declared Nanjing Zhixing Electric Vehicle Co., Ltd. bankrupt and confirmed that its subsidiary holds claims exceeding 100 million yuan against Zhixing Auto as unsecured creditors. Zhixing Electric Vehicle is an associated company of Byton, an intelligent electric vehicle developer.
Zongmu Technology announced that the company added a bankruptcy review case on April 10, 2025, with the applicant being the company itself, handled by the Shanghai Pudong New Area People's Court. Founded in 2013, Zongmu Technology is a provider focused on ADAS solutions. Since its establishment, it has been committed to providing solutions covering comprehensive autonomous driving functions and achieved notable success in the smart driving field. However, it has now fallen into the predicament of bankruptcy review.
Shanshan Group's bankruptcy restructuring: The leading polarizer company faces a financial crisis. Shanshan Co., Ltd. announced that its controlling shareholder, Shanshan Group, was applied for restructuring by several banks on January 21. Shanshan Co., Ltd.'s core businesses are anode materials and polarizers. It is expected to report its first annual loss since listing in 2024, mainly due to losses from equity-accounted investees and asset impairment provisions.
Internationally: The pioneer of robotic vacuum cleaners, iRobot, announced it has filed for bankruptcy protection in the US and will be acquired by its primary manufacturer, Shenzhen Shanchuan Robot Co., thereby going private. iRobot's Roomba series was once hugely popular but faced challenges from Chinese competitors on price and functionality, leading to sustained losses and a significant reduction in market capitalization.
US automotive technology company Luminar Technologies announced it has filed for Chapter 11 bankruptcy protection and plans to sell its LiDAR business and semiconductor subsidiary, Luminar Semiconductors. The company focuses on providing LiDAR sensors and software solutions for autonomous vehicles and initiated restructuring due to significant financial challenges.
The nearly century-old French home appliance giant, Brandt Group, has been ruled by the court to enter judicial liquidation proceedings. As France's last large home appliance manufacturer, the company fell into severe financial crisis due to a sluggish real estate market, competition from foreign brands, and冲击 from small kitchen appliances, leading to the failure of a government-supported restructuring plan.
German iron-salt battery company Voltstorage announced it is即将关闭. Founded in 2016, it was the first company globally to offer redox flow battery technology as a home energy storage solution. Having failed to successfully raise a new round of funding, the company decided to gradually cease operations to avoid bankruptcy.
Japanese automotive supplier Marelli Holdings Co. filed for Chapter 11 bankruptcy protection in the US in June after failed private debt restructuring negotiations, marking the company's second bankruptcy in three years. As Nissan's largest parts supplier, its risk of over-reliance on a single customer was highlighted.
Japanese government-supported contract chipmaker JS Foundry has applied for bankruptcy protection with the Tokyo District Court, leaving behind approximately $110 million in debt. The company mainly produced power semiconductors for devices like electric vehicles and faced operational difficulties due to competition from Chinese chipmakers and difficulties finding customers.
Reports indicate that the Belgian BelGaN GaN power chip factory, which was shut down last year causing significant losses, is seeking a sale. A European consortium plans to acquire the factory for 20 million euros to转而用于生产光子芯片. Previously, a Chinese company had purchased the factory's manufacturing equipment through the bankruptcy administrator.
UK AI startup Builder.ai has filed for bankruptcy in the US. The company was once valued at $1.5 billion and raised over $450 million from investors including Microsoft. Its funding chain断裂 after being exposed for exaggerating sales figures led creditors to seize funds. Its collapse reflects inherent risks beneath the AI investment boom.
The Russian Federation data protection union公告显示 that Microsoft Russia LLC plans to apply for bankruptcy. Microsoft has significantly scaled back its operations in Russia since the 2022 Russia-Ukraine conflict. Previously, Google's Russian subsidiary also applied for bankruptcy.
Shenda Co., Ltd. announced that the bankruptcy liquidation matters for its controlled subsidiary, PFI Holdings, LLC, have been formally completed, and it has received the "Final Ruling" from the court. The liquidation proceedings for this foreign company were handled by a local bankruptcy trustee, and another subsidiary of Shenda Co., Ltd., as a creditor, received partial debt repayment.
US hydrogen-electric truck startup Nikola, after filing for bankruptcy protection, had its factory in Arizona and部分资产 successfully auctioned to electric vehicle maker Lucid Motors for approximately $30 million. Lucid plans to hire some former employees but will not take over its hydrogen truck business.
Swedish battery manufacturer Northvolt AB, once seen as Europe's本土电池冠军企业, has entered restructuring proceedings after applying for bankruptcy protection. The company's workforce will be大幅缩减 from about 7,000 to 1,700 people. The bankruptcy trustee stated that maintaining some operations is key to seeking a business sale.
US pure-electric and hydrogen-powered truck manufacturer Nikola announced it has applied for bankruptcy protection and will seek to sell its assets. After a series of challenges including the founder's fraud conviction, vehicle recalls, sluggish sales, and持续亏损, the company ultimately could not sustain operations.
US electric vehicle startup Canoo submitted a voluntary petition to the court, applying for bankruptcy protection under Chapter 7 of the US Bankruptcy Code and ceasing all operations. The company fell due to rapid cash burn, uncertain market demand, and financing difficulties; all nine of its co-founders have left.
German electric vertical take-off and landing (eVTOL) aircraft company Volocopter announced on its website that it has applied to the court to initiate bankruptcy proceedings. Founded in 2011, the company had received investment from Geely, Mercedes-Benz, etc., and its urban eVTOL, VoloCity, was close to obtaining type certification.
From automakers to chip design, equipment, materials, and packaging & testing companies, this wave of bankruptcies is not merely an "industry ebb tide" but更像是一场必要的结构性洗牌. Inefficient capacity is being加速出清, resources are being重新配置, creating space for companies that truly possess technological barriers, product implementation capabilities, and long-term endurance. It is foreseeable that as capital returns to rationality, industrial policies continue to focus on "hard tech," and downstream demand gradually recovers, the semiconductor industry will move from volatility towards a healthier, more concentrated new stage. Those who navigate the cycle will ultimately welcome the dawn of the next growth phase.