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Chinese smartphone maker Xiaomi will establish a new independent chip unit and send part of its staff from an existing one to run it.
The transferred team from Pinecone Electronics will have 75 percent of Dayu Semiconductors’ equity and Xiaomi will hold the rest, China Daily reported yesterday, citing Xiaomi’s internal letter. The new Nanjing-based unit is encouraged to seek independent financing.
The move aims to promote the parent’s chip development business, and advance its Artificial Intelligence of Things strategy, according to the letter. The remaining team at Pinecone will continue to focus on phone processors and smart chips.
Xiaomi will keep on investing in more dimensions of semiconductor development, Lei Jun, the Beijing-based parent’s founder and chief executive, said in the document. The control that Dayu’s team will have shows Xiaomi’s effort to explore the deep waters of investment in technological research, he added.
Founded in 2014, Pinecone has aided Xiaomi to become one of the four global smartphone makers that design their own system-on-chips, including Apple and Huawei Technologies. Beijing-based Xiaomi released its first in-house processor Surge S1 in 2017.
Source: yicaiglobal.com
