Beijing

CHINA has taken its biggest step towards creating a national champion in global semiconductors with a planned US$13 billion private placement by an affiliate of Tsinghua Unigroup Ltd to build a chip plant and fund expansion.

Raising cash will bankroll a move into the mainstream memory market for China given that Taiwanese producers lack capital for expansion, Tsinghua Unigroup president Zhao Weiguo said in an e-mailed response to questions.