The Intermediate People's Court of Lishui, Zhejiang, announced on November 3 that it accepted the bankruptcy restructuring case of Zhejiang Wangrong Semiconductor on October 29, case number (2026) Zhe 11 Po 9, with Zhejiang Jinsheng Construction Group as the applicant. The company's legal proceedings have moved from pre-restructuring to formal bankruptcy restructuring, leaving Lishui's first 8-inch wafer line awaiting revitalization.
Founded in September 2021 with registered capital of about 867 million yuan, Wangrong operates an IDM model focused on medium- and high-voltage IGBTs, FRDs, MOSFETs, and modules. Its core project plans 240,000 8-inch power devices annually, with total planned investment of 5 billion yuan—about 2.4 billion yuan for phase one, which began production in December 2023. It was once a flagship project for Lishui's semiconductor industry.
The court appointed three law firms as joint administrators. Creditors must file claims by 5 p.m. on November 30, and the first creditors' meeting is set for December 4 in a non-onsite format. The restructuring asset package includes about 68,000 square meters of industrial land, 8-inch production equipment, and long-term equity investments in nine entities. During pre-restructuring in March, the interim administrator extended the investor recruitment period. After entering formal restructuring, bringing in strategic investors, resolving debt, and revitalizing the production line remain the core path. Whether Wangrong can recover depends on whether the line can be revived together with its customers and certifications.
ICgoodFind Summary: Zhejiang Wangrong's 5 billion yuan 8-inch power device project went from production in late 2023 to bankruptcy restructuring in under three years. Reviving the line depends less on the equipment itself than on whether customers and certifications can be transferred along with it—the IDM model for power devices demands far more sustained funding and orders than simply completing a production line.
