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Why this chip maker’s New York IPO has left a bad taste in the mouth for Chengdu’s local government



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The local government in Chengdu, capital of southwestern Sichuan province, is seeking compensation for losses from a failed chip making joint venture, according to the initial public offering prospectus of GlobalFoundries, which is seeking a listing in New York.The US-based chip maker states it set aside a provision of US$34 million in June to settle the potential compensation, and is in talks with the Chengdu government to settle the claim, according to the prospectus. This is the first time…

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