The dispute between Cambricon Technologies, the Chinese artificial intelligence (AI) chipmaker, and its former executive Liang Jun has escalated after Liang raised his claim for losses tied to an equity incentive plan from 4.29 billion to 27.83 billion yuan. The company disclosed the change on September 30, 2026, and noted that the labor proceeding has not yet gone to a hearing. The amount sought is not an indemnity recognized by the courts.
The Cambricon–Liang Jun dispute in 30 seconds
- Liang Jun, Cambricon’s former deputy general manager and chief technology officer (CTO), left the company in early 2022.
- The claim for losses tied to equity incentives has grown from 4.2866 billion to 27.8319 billion yuan.
- The updated calculation factors in shares that would indirectly belong to the former executive and a peak stock price of 1,620 yuan per share.
- Cambricon says six earlier proceedings tied to the incentive plan ended with rulings against Liang Jun.
- The new labor lawsuit is still awaiting a hearing, and there is no ruling yet on this specific claim.
The case illustrates the tensions that can arise when a tech company’s early-stage equity arrangements collide with an executive’s departure and the company’s later stock performance. At Cambricon, the dispute centers on the buyback terms tied to the incentive plan Liang Jun signed and on how the losses he is claiming should be calculated.
From 4.29 Billion to 27.83 Billion Yuan
The original claim stood at 4,286,624,448 yuan, about 4.29 billion. With the amendment filed in September 2026, Liang Jun is now seeking 27,831,946,056 yuan. The new figure is more than six times the original claim and equals roughly $3.9 billion, based on the exchange rate used for the conversion.
The updated calculation is based on the stakes Liang Jun held indirectly through employee platforms. After the 2025 profit distribution and a capital increase through conversion of reserves, those stakes would indirectly amount to 17,169,554 Cambricon shares, plus dividends of 17,284,776 yuan.
To value the shares, the former executive used as a reference the peak price of 1,620 yuan recorded between January 2, 2024, and the date the amended claim was filed. That peak was reached on July 3, 2026. This is the valuation basis chosen by the plaintiff, not a figure the court has validated.
The difference between the two amounts claimed is therefore explained by the updated calculation of the equity rights and by the share price used as a reference. The final amount that might eventually be awarded will depend on the court’s ruling and its assessment of both parties’ arguments.
A Dispute That Began After Liang Jun’s Departure
Liang Jun held senior positions at Cambricon, including deputy general manager and chief technology officer, and left the company in early 2022. The disagreement concerns an equity participation plan that set conditions for keeping the stakes received through an employee incentive structure.
According to Cambricon’s account, the executive’s departure triggered a buyback clause included in the plan Liang Jun had signed. The company says the former executive did not cooperate with the procedures needed to complete that operation. In 2023, the entities tied to the incentive plan began legal action to register the corresponding changes in ownership.
The conflict has produced several proceedings. According to information disclosed by the company, a first ruling against Liang Jun was issued in November 2025, and a second ruling upheld that outcome on appeal in August 2026. The proceeding related to the buyback is now in the judicial enforcement phase.
Cambricon says that, as of September 30, 2026, six proceedings related to the incentive plan and its managing entities had ended with outcomes unfavorable to the former executive. The new claim, however, is being handled as a labor dispute over the losses Liang Jun attributes to losing those equity rights.
The company maintains that the earlier, final rulings support the validity of the buyback clause and that, for this reason, the former executive should not retain the economic rights he is claiming. Liang Jun, for his part, maintains his request for compensation. The publicly available information does not allow for predicting how the court will rule on this new claim.
Cambricon has also stated that the pending proceeding does not affect its ordinary operations or its research and development work. The company has said it will respond to the claim and will disclose relevant developments in the process in line with its disclosure obligations.
The Dispute Comes Amid a Booming Chinese AI Chip Market
The litigation is unfolding as Cambricon and other Chinese chipmakers try to expand their presence in the market for artificial intelligence accelerators, a market where Cambricon has already turned a profit while rivals such as Moore Threads keep posting losses. Demand for compute capacity and restrictions on access to certain foreign components have boosted interest in developing domestic alternatives, although manufacturers still face supply, memory, and manufacturing challenges.
At companies like this one, equity incentive plans are used to tie part of executives’ and specialists’ pay to how the business performs. They can also become a source of conflict when someone leaves the company before meeting certain conditions or disagrees with the rules governing the buyback.
Cambricon’s case shows the importance of distinguishing between the potential value of shares and the rights recognized under an incentive contract. A company’s later stock performance can substantially change the economic value of a stake, but that alone doesn’t determine whether a former employee has the right to keep it or to receive equivalent compensation.
For now, the 27.83 billion yuan figure represents the amount Liang Jun is seeking in the labor proceeding. The claim is still awaiting a hearing, and there is no ruling obligating Cambricon to pay that amount. The outcome will depend on the contractual terms, the earlier rulings, and the court’s assessment of the new claim.
Frequently Asked Questions
How much is Cambricon’s former executive claiming?
Liang Jun is seeking 27.8319 billion yuan, up from the 4.2866 billion originally requested. The updated amount is based on the calculation of his indirect equity rights and a stock market reference chosen by the plaintiff.
Why did the claim increase?
The amendment accounts for the 2025 profit distribution and the conversion of reserves into capital, which increased the number of shares indirectly attributable to the disputed stakes. It also uses a peak price of 1,620 yuan per share.
What does Cambricon say about the dispute?
The company says Liang Jun’s departure triggered a buyback clause included in the incentive plan he had signed, and that earlier court rulings support that action.
Is there already a ruling on the 27.83 billion yuan?
No. The labor proceeding is still awaiting a hearing. The amount corresponds to Liang Jun’s request and does not represent a court-awarded indemnity.
