UK-based chipmaker Arm Holdings is entering into a new joint venture with Chinese partners where it will give up control of its China operations, sources told the Nikkei Asian Review.
The joint venture, branded Arm mini China, has already begun operations as of last month and has plans to go public on one of the mainland’s two stock exchanges, according to the sources.
Arm mini China is registered in Chinese tech hub Shenzhen and is 51% owned by Chinese parties including state-backed investors. Majority ownership in a subsidiary of one of the world’s largest chipmakers marks significant progress for Beijing, which wishes to reduce its current reliance on foreign technology and foster more homegrown chip production.