Taiwan-based semiconductor firm Taiwan mask corp (TMC, 2388.TW) announced that its subsidiary, Aptos Technology, has filed for bankruptcy after years of mounting losses. According to a June 13 shareholder meeting resolution, Aptos will be dissolved and liquidated due to an inability to repay total outstanding debts of NT$1.05793 billion (approximately RMB 260 million).

Founded in March 2006, Aptos specialized in the packaging of MicroSD and NAND Flash products. However, intense market competition and limited internal technical resources led to persistent losses. The company's financial situation worsened in recent years due to weak global demand for consumer SSDs and memory chips.

TMC stated that all investment losses and receivables related to Aptos had already been reflected in its consolidated financial reports. As a result, the bankruptcy filing is not expected to have a significant impact on TMC's overall financials.

Aptos's website had previously highlighted its proprietary packaging technologies, particularly in MicroSD, and its ambition to become a major player in system-in-package (SiP) solutions. The company had been working to leverage the packaging and testing capabilities of its parent company to develop advanced SiP offerings for the next generation of semiconductor products.