Tsinghua Tongfang will invest 29.99 million yuan (US$3.6 million) to set up a microelectronic company in co-operation with Tsinghua University, in which Tongfang will hold 51 per cent of shares.

The new micro electronic company will devote time to the research and development of integrated circuits, the core part of all electronic products, Tongfang said.

(12/05/2001 chinadaily)