China Business News, 4/24/08
An insider at TD-SCDMA chip maker Commit has revealed that CEO Yu Yushu held an emergency employees' meeting yesterday afternoon at which all staff were asked to resign within four days, with the firm to cease operations at the end of April.
The source added that the closure is due to a lack of funds and a breakdown in negotiations with investors. Commit has been in talks with Israeli venture capital firm Infinity this year, but Infinity believes that some operators are not optimistic about TD-SCDMA prospects, and hence ended talks. Commit currently owes its employees three months wages.
In June 2004, Commit successfully produced China's first prototype TD-SCDMA chipset, and it is the only manufacturer able to produce HSDPA dual-mode chips.