Hua Capital Hires Bank of America to Fund Omnivision Bid

Bloomberg: Hua Capital Management Ltd., a Beijing-based private equity firm, hired Bank of America Corp. to provide funding for its $1.7b bid for Omnivision. Steven Zhang, president of Hua Capital, declined to comment on specifics of the deal, including how much funding Bank of America will provide.

Hua Capital was chosen in June to manage the chip design and testing fund under the Beijing government’s 30 billion-yuan ($4.9b) Semiconductor Industry Development Fund. The Semiconductor Industry Development Fund was set up in December last year to help finance China’s chip industry growth and assist with mergers and acquisitions.