(Yicai Global) Nov. 26 -- A unit of Chinese home appliances maker Konka Group will pour CNY1 billion (USD142.3 million) into a memory chip project in eastern China, its third recent investment to become a global chip giant.
Konka's subsidiary penned a cooperation agreement with the city of Yancheng in Jiangsu province regarding the project with a fixed-asset investment of CNY501 million (USD71.3 million), the Shenzhen-based firm said in a statement yesterday, without disclosing the expected output.
In May 2018, the firm said that it aims to become one of the world's top semiconductor companies in five to 10 years. It has inked deals with industrial parks in Chongqing and Anhui's Hefei to construct chip production bases.
Konka's [SHE: 000016] share price rose 2 percent to CNY4.09 (US 70 cents) by noon.
Editor: Emmi Laine