Unigroup Pays 19.7 Billion Yuan for Control of Hubei Chipmaker

(Beijing) — Microchip maker Tsinghua Unigroup will buy a controlling stake of a domestic rival for 19.7 billion yuan ($2.8 billion), as it tries to build a semiconductor empire via domestic acquisitions after being rebuffed in several high-profile global attempts.

Unigroup will use one of its listed units, Unigroup Guoxin Co. Ltd., to buy the stake in Yangtze River Storage Technology Co., a chip maker based in central China's Hubei province, Guoxin said in a statement to the Shenzhen Stock Exchange on Thursday.