Tsinghua Tongfang Co, the State-backed firm, announced on Wednesday it is planning to sell its stake in the local chip company Tongfang Guoxin Electronics Co.
The Beijing-based company said it plans to sell the share to Tsinghua Unigroup Ltd, without disclosing more details.
Both Tsinghua Tongfang and Tsinghua Unigroup are the units of Tsinghua Holdings Ltd, a technology conglomerate backed by Tsinghua University.
The move is part of broad efforts by Tsinghua Holdings to restructure its sprawling business and concentrate its chip-making operations to the unit Tsinghua Unigroup.
Earlier, Tsinghua Unigroup bought a $3.8 billion stake in Western Digital Corp, an American computer data storage company.
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