State-backed China fund buys stake in ZTE unit
China National Integrated Circuit Industry Investment Fund (IC Fund), a national fund established to promote the domestic semiconductor industry, has agreed to pay RMB2.4 billion ($376 million) for a 24% stake in a unit of domestic electronics manufacturer ZTE Corporation.
According to a filing, the IC Fund is buying new shares issued by the ZTE Microelectronics Technology. Upon completion of the deal, the parent's stake in the unit will be reduced to 68.4% from 90%. Founded...
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