TAIWAN's King Yuan Electronics Co (KYEC), one of the world's largest semiconductor firms, has sold its stake in a subsidiary located near Shanghai at Suzhou, reports Hong Kong's South China Morning Post.

KYEC has disposed of its entire 92.16 per cent share in King Long Technology (Suzhou) for CNY4.9 billion (US$676 million) to a consortium that includes King Legacy Investments, LePower (HK), Anchor Light Holdings, Suzhou Industrial Park Industrial Investment Fund, TongFu Microelectronics Co, and the Shanghai State-owned Enterprises Integrated Improvement and Experiment Private Equity Fund Partnership.

The deal is expected to be completed within the third quarter of this year. The funds raised will be used to invest in high-end testing technology and equipment ※to meet the strong demand in artificial intelligence (AI), high-performance computing and related markets,§ according to KYEC.