Unigroup Guoxin Microelectronics Co. Ltd., the Shenzhen-listed arm of state chipmaker Tsinghua Unigroup, said Monday it has given up on a plan to raise 80 billion yuan ($11.6 billion) through a private share placement, citing changes in market conditions and refinancing policies.

Unigroup Guoxin proposed the share placement in 2015 as one of the biggest refinancing projects in China’s A-share market at that time. The company said it would raise the money from a group of companies to invest in new plants and fund asset acquisitions.

Most of the designated investors are subsidiaries of parent Tsinghua Unigroup, raising market concerns over Tsinghua Unigroup’s financial strength.

But the massive plan was never carried out and the 2017 changes in China’s share placement rules, which cap new share issuance in a private placement at 20% of total equity, made it impossible for Unigroup Guoxin to pass regulatory review.

According to Unigroup Guoxin’s Monday filing, the plan has been submitted neither for shareholder approval nor for regulatory review.

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