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China's Tsinghua Unigroup looks to cut stake in chip design unit

Intel-backed developer Unisoc eyes greater independence from indebted parent

Tsinghua Unigroup could reduce its financial burdens by selling a stake in Unisoc.

TAIPEI/HONG KONG -- Embattled Chinese chipmaking conglomerate Tsinghua Unigroup is looking to sell part of its stake in its Unisoc unit to raise cash, a move which could also help revive plans for an initial public offering of the key mobile chip affiliate, four people familiar with the development said.

Tsinghua Unigroup, which has missed a series of bond payments since December, is open to investor pitches to sell down its stake to raise cash. The company, the largest shareholder in Unisoc, may offload at least a 10% stake.

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