Electronics maker TCL Corp. has launched a 10 billion yuan (1.53 billion U.S. dollars) industry-buyout fund with Tsinghua Unigroup Ltd., the country's leading chipmaker.
The two companies will identify acquisition targets within their production chains, according to TCL chair Li Dongsheng.
The money will support areas such as semiconductor chips and displays, smart manufacturing and the Internet, according to a joint statement issued by the firms on Tuesday.
The move comes a year after a subsidiary of Unigroup invested 1 billion yuan in TCL, becoming its third largest shareholder.
In the next three years, Unigroup plans to form 300 billion yuan of industrial investment and buyout funds, according to its chairman Zhao Weiguo.
