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China's Unisoc looks to cut ties with Tsinghua Unigroup

Mobile chipmaker seeks investors to ditch troubled parent on way to IPO

TAIPEI/HONG KONG -- China's No. 2 mobile chip developer Unisoc is searching for new anchor investors at a high valuation as it tries to distance itself from its troubled parent Tsinghua Unigroup and pave the way for a long-awaited initial public offering.

Unisoc is hoping to find buyers willing to pay 20 billion yuan ($3.1 billion) for Tsinghua's 35.2% stake, according to three people familiar with the discussions. Tsinghua is under pressure to sell after missing a string of bond repayments since last November.

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