China chipmaker Unigroup secures 150b yuan to expand globally

Beijing

TSINGHUA Unigroup Ltd has clinched as much as 150 billion yuan (S$30.4 billion) of financing from two Chinese government-backed investors, amassing a pool of funds to pursue acquisitions and build a world-class semiconductor industry.

The state-linked chipmaker will receive a total of 100 billion yuan from China Development Bank, a policy lender overseen by the country's Cabinet, in the years till 2020. It'll get another 50 billion yuan from a national chip fund set up in 2014 to drive advances in domestic semiconductors, Unigroup said.