Moore Silicon,Pihit a chip subsidiary of the Chinese state-owned electronics company TCL, announced its dissolution on Tuesday, resulting in the layoff of hundreds of employees. All employees were offered compensation based on N+1 (N representing the working year of an employee). For instance, an employee who has worked in the company for two years can receive three months’ salary in one lump sum. Moore Silicon was established in March 2021 with a registered capital of RMB 180 million ($25.19 million). “Our main challenge lies in the progress of financing, not project progress,” said a representative from Moore Silicon. The capital investment in the chip industry has become more cautious in 2023, as demand in the consumer electronics market remains weak, according to a professional from a domestic chip design company interviewed by YiCai reporter. [Yicai, in Chinese]
