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Foxconn unit to sell entire equity stake in Tsinghua Unigroup

Xingwei to unload holdings for $771m

Foxconn, the world's largest contract electronics maker, will sell its equity stake in Tsinghua Unigroup held through a subisidary.   © Reuters

HONG KONG (Reuters) -- Taiwan's Foxconn, the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell its entire equity stake in embattled Chinese chip conglomerate Tsinghua Unigroup.

Foxconn said in a statement to the Taipei stock exchange that Xingwei, 99% controlled by its China-listed unit Foxconn Industrial Internet, has agreed to sell its holdings for at least 5.38 billion yuan ($771.79 million).

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