China’s top state chipmaker Tsinghua Unigroup Co. Ltd. is reshuffling subsidiaries to consolidate its semiconductor business into a listed arm.

Shenzhen-listed Unigroup Guoxin Microelectronics Co. Monday halted its share trading pending a major asset acquisition. Unigroup Guoxin said it plans to issue new shares to fully acquire Beijing Unigroup Liansheng Technology Co., a unit controlled by parent Unigroup.

The main asset of Unigroup Liansheng is Linxens, a French smart chip components maker that Unigroup acquired last year for a reported 2.2 billion euros ($2.6 billion). The Chinese company has yet to disclose the actual price of the deal.

A source close to Unigroup said the reshuffle is part of Unigroup’s efforts to consolidate its semiconductor assets into the listed arm to enhance business coordination.

Unigroup Guoxin reported 2.5 billion yuan ($360 million) of revenue in 2018, up 34% year on year. Net profit rose 24% to 348 million yuan.

Unigroup Guoxin hasn’t disclose detailed plans for the asset acquisition and said negotiations are still underway.

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