An anonymous reader quotes a report from The Register: The saga around the Arm joint venture in China has just taken another intriguing twist: a mysterious firm called Lotcap Group claims to have signed a letter of intent to buy Arm China’s 51 percent stake from existing investors in the country. In a press release in Chinese released Wednesday, Lotcap said it had set up a subsidiary of the Lotcap Fund to buy a majority stake in the joint venture. However, reports from one newspaper show that the investment firm still requires the approval of one significant investor to gain 51 percent control of Arm China.

The development came a couple of weeks after Arm China said its former CEO Alain Wu was once again refusing to step down, despite a vote in late April by the company’s board to replace Wu with two co-leaders. SoftBank Group, which owns 49 percent of the Chinese company, is trying to untie Arm China from Wu as the Japanese technology investment giant plans the initial public offering of the British parent company. According to the South China Morning Post, Lotcap claimed in a press release that the proposed deal has “support” from Arm. We asked Arm about this, and although a spokesman said in an email to The Register that the British chip designer “is not commenting at this time”, a spokesman said the updated Lotcap press release did not mention Arm or SoftBank that support Lotcap. deal.

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