TCL and Tsinghua Unigroup set up M&A fund
February 29, 2016 Category Mergers & Acquisitions, Weekly
Home appliances and consumer electronics maker TCL Corp is setting up a CNY10 billion fund with Tsinghua Unigroup, China’s largest chipmaker controlled by Beijing-based Tsinghua University, for mergers and acquisitions (M&As). The fund will also be used for direct investment in the chip-making industry, TMT, and the government’s key economic initiatives, including “Made in China 2025” and “Internet Plus”. “The establishment of the fund will promote the future industrial upgrading and development of both parties,” Li Dongsheng, Chairman of TCL Corp said. Both companies are now expected to strengthen collaboration in a number of fields, including in the intelligent mobile terminal, semiconductor and capital market. Tsinghua Unigroup became the third-largest shareholder of TCL when it bought CNY1 billion worth of TCL shares through a subsidiary. “As a technology company, Tsinghua Unigroup is a leader in chip and semiconductor manufacturing, while TCL serves as a terminal electronics products provider. The two sides could complement each other’s advantages and achieve further development in the technical field though establishing the fund,” said Zhao Weiguo, Chairman of Tsinghua Unigroup. In 2015, Tsinghua Unigroup announced plans to invest CNY300 billion over the next five years to become the world’s third-largest chipmaker, the China Daily reports.
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