Taiwanese chip testing and packaging firm ASE Technology Holding Co Ltd said late on Wednesday it sold four facilities in China to Beijing-based private equity company Wise Road Capital for $1.46 billion. ASE will see a profit of approximately $630 million from the sale, which it will use to “strengthen Taiwan’s high-end technology R&D and production capacity”, the company said in a statement. ASE is the world’s largest semiconductor-outsourced assembly and testing company by revenue, according to market research firm Yole.

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