China’s largest chipmaker secures $22b to expand globally

BEIJING

Tsinghua Unigroup Ltd has clinched as much as 150 billion yuan (Dh80.02 billion, $22 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 in a statement on its website. The company didn’t describe how the capital will be deployed.