HONG KONG — Foxconn, the world's largest contract electronics maker, said on Friday its subsidiary in China has agreed to sell entire equity stake in Chinese chip conglomerate Tsinghua Unigroup.

Foxconn said in a statement to the Taipei stock exchange that Xingwei, 99% controlled by its China-listed unit Foxconn Industrial Internet Co Ltd, has agreed to sell its holdings for at least 5.38 billion yuan (US $771.79 million).

Foxconn disclosed in July that it was a shareholder of Tsinghua Unigroup. Xingwei controls a 48.9% stake in a different entity that itself holds a 20% stake in the vehicle that owns all of Unigroup.

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