China’s Xiaomi Corp. bought a 6% stake in compatriot chip designer VeriSilicon Holdings Co. Ltd., as the smartphone maker revamps its years-long pursuit of success in semiconductors which it sees as central to driving innovation, reported Reuters.
In a filing to the China Securities Regulatory Commission published online on Thursday, VeriSilicon revealed a fund run by Xiaomi became its second-largest external shareholder in June.
The investment comes as the government identifies chips as one of several sectors in which it wants the country to focus on under its “Made in China 2025” initiative, a strategic plan of China issued in May 2015, aiming to move the country away from being the world’s “factory” and move to producing higher value products and services.
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