China Leather Maker Eyes Semiconductor Giant

China International Development Corporation, a leather goods company, is exploring a potential acquisition of Lonten Semiconductor for up to $1.16 billion. The company has signed an agreement with Lontens largest shareholder, Xu Xichang, and plans to use a mix of cash and new shares to fund the deal. The acquisition aims to expand China International Developments business beyond leather and automobile industries into Chinas growing semiconductor sector.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.