May 23, 2022 08:19 PM

TECH

Mysterious Firm Seeks Controlling Stake in Arm China

By Zhang Erchi, Qu Yunxu and Ding Yi

Arm China’s office building in Shanghai in March 2020. Photo: VCG

Arm China’s office building in Shanghai in March 2020. Photo: VCG

Chip designer Arm Ltd.’s China joint venture could be acquired by a firm whose origin is shrouded in mystery, in the latest chapter of a two-year boardroom struggle with ousted Chairman and CEO Allen Wu.

In a statement published last week, the firm in question — Lotcap Group — said that it had signed a letter of intent to buy a 51% stake in Arm China from Chinese shareholders Amber Leading (Hong Kong) Ltd., Ningbo Meishan Bonded Port Area Anchuang Growth Equity Investment Partnership, and Arm Ecosystem Holdings (Hong Kong) Ltd.

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