TCL, Unigroup set up M&A fund

Move will help to promote industrial upgrading and growth of both companies

Home appliances and consumer electronics maker TCL Corporation is setting up a 10-billion yuan fund with Tsinghua Unigroup Ltd, China's largest chipmaker controlled by Beijing-based Tsinghua University, for mergers and acquisitions, the two companies announced on Tuesday.

The fund will also be used for direct investment in the chip-making industry, TMT, and the government's key economic initiatives, including Made in China 2025 and Internet Plus.