Chinese firm chips in to purchase Singapore rival
Print Edition
JIANGSU Changjiang Electronics Technology Co (JCET), the biggest chip tester in the Chinese mainland, will buy a Singapore-based rival for US$780 million in cash to expand business and upgrade technology, the Shanghai-listed firm said yesterday.
Stats ChipPac, the world’s fourth-largest chip packager and tester, is the leader of the global mobile device market. Among the investors in Stats ChipPac, whose clients include Samsung and Qualcomm, is Temasek Holdings, Singapore’s state investment company.
“The acquisition is expected to help the company boost revenue and upgrade technology,” JCET said in a statement to the Shanghai Stock Exchange yesterday.
JCET jumped 6.74 percent to close at 11.90 yuan (US$1.92), compared with 0.4 percent drop of the Shanghai Composite Index yesterday.
Taiwan-based Advanced Semiconductor Engineering Inc, the world’s biggest chip assembler and tester, had also previously considered an acquisition, media reported.
Chinese firms are urged to spend more on research and acquisition to cut reliance on foreign firms in the high-tech sector. The chip industry is a key upstream business in the IT industry chain.
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