China’s Tsinghua Unigroup raises US$22 billion for global expansion
The company is at the forefront Beijing’s plans for the domestic semiconductor industry
Chinese chipmaker Tsinghua Unigroup announced on their website Thursday they have secured 150 billion yuan (US$22 billion) in funding to support the development of semiconductors.
Bloomberg speculates that the new funding will be used to make overseas acquisitions. The firm has successfully acquired a number of firms over the past several years, but was forced to back out of a high-profile partnership deal with Western Digital Corp last year, amid concerns of increased US government scrutiny of the deal.
Tsinghua Unigroup is part of the business arm of Tsinghua University, a public institution with close connections to government leadership in Beijing.