SK Group Backs Fund to Bring South Korean Chip Firms to China

(Bloomberg) — SK Group is putting its money into a new fund designed to help South Korean chip firms set up operations in China, even as the United States increases pressure on its allies to curb Beijing’s tech ambitions.

SL Capital, a private equity firm formed by SK and Beijing-based Legend Capital, signed an agreement with authorities in the eastern Chinese city of Wuxi on Tuesday to jointly set up a 1-billion-yuan ($140 million) fund, according to a statement from the local government.