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xct, once known as the "chinese nvidia", is experiencing great financial difficulties. the company said, "the development of domestic gpus has not fully met the company's expectations and is facing specific market adjustment pressures." it is reported that the doors and windows of the building where xct is located have been closed and the door has been locked.

according to information, xiangdixian computing technology co., ltd. is a domestic general-purpose gpu design company established in september 2020. it has currently obtained a total investment of 2.5 billion yuan and focuses on the research and development of high-performance chip core technologies. its main work direction is the research and development and design of high-performance gpu chips suitable for desktops, servers, data centers and other fields.

the emperor xiang had alreadyproduces multiple tianjun gpu chips. despite this, there are still rumors that the company has been dissolved, forcing it to issue a statement to clarify. xiangdixian said that the company has not taken measures to dissolve or liquidate. in order to better adapt to industry development and corporate strategic planning, the company is optimizing its organizational structure and staffing.this includes adjustments to some team members to reduce operating costs and improve efficiency. the company's core r&d and operations teams will continue to be retained and strengthened to ensure the company's continued innovation and competitiveness in the gpu field. in addition, the company is actively communicating with potential investors and looking for external financing opportunities.

however, xiangdi first confirmed that layoffs have begun. an internal email pointed out that in view of the huge difficulties faced by the company's operating funds, the company's management decided to enter the reorganization stage from september 2024. the labor relationship with employees will be terminated on august 31, 2024 (except for employees who need to maintain business during the reorganization period). the company will pay n+1 economic compensation, and the employees' social insurance and housing provident fund will be paid until august 2024. for it assets such as laptops and monitors under the name of employees, asset repurchase applications are allowed in accordance with the process, and employees who are interested can contact local it colleagues in advance.

earlier on august 30, jiwei.com learned from several insiders that the domestic gpu manufacturer xiangdixian held a full staff meeting to announce its dissolution, and all more than 400 employees terminated their contracts and became unemployed. insiders said that the company's funding problems have been around for a long time. it was not surprising that it had reached the last step because it could not generate funds on its own and it was difficult to raise funds due to the external environment.

on the other hand, the company’s shareholders are also suing its founder tang zhimin for failing to raise the promised 500 million rmb (more than $70 million) in series b funding.one of the plaintiffs in the case against xiangdixian is the state-owned fund jiangsu sino-german service trade industry investment fund, which filed a lawsuit against three companies controlled by tang zhimin, which are also shareholders of the domestic gpu company.

another company, capital online, is reportedly involved in a lawsuit with xiangdixian for 18.8 million rmb (about $2.7 million). in addition to these cases, tang zhimin reportedly said that the company was sued by shareholders and its funds were frozen, so it had no choice but to terminate the contract. this means it cannot get the funds it needs to continue operating.

according to people familiar with the matter, tang zhimin, chairman of xiangdixian, is a strategic scientist in the field of computer system and processor chip design in china. he has served as the head of the loongson project, general manager and chief scientist of haiguang information, and has led the success of domestic high-end general-purpose chip projects such as loongson 1 and 2 cpus, haiguang series cpus, and haiguang dcu. in 2020, tang zhimin began to establish a company to transform into gpu products. after obtaining high-level authorization of imagination gpu ip, he started to develop domestic gpus.

in november 2023, shenzhen university of technology announced that tang zhimin would serve as a professor and dean of the school of computing power and microelectronics, but his work experience at xiangdixian was not listed in his personal profile. on august 29, 2024, shenzhen university of technology held the shenzhen tour of the "beidou star" innovation and entrepreneurship competition. dean tang zhimin of the school of computing power and microelectronics of shenzhen university of technology served as a guest judge and scored 11 beidou-related projects from all over the country.