Unigroup gets funds to boost chip drive

Beijing-based chip company Tsinghua Unigroup Ltd signed deals on Tuesday that would grant it up to 150 billion yuan ($21.8 billion) in financing, enabling it to champion the country's efforts to develop homegrown chips.

The deals are expected to give the State-owned technology group enough cash to fulfill its grand ambitions in the semiconductor sector, as it makes haste to join the ranks of global giants such as Intel Corp, Qualcomm Inc and Samsung Electronics Co.

China Development Bank agreed to provide financing of up to 100 billion yuan from 2016 to 2020, Tsinghua Unigroup said on its official website.