Chinese private equity firm Wise Road Capital is exploring the sale of UTAC Holdings, the semiconductor assembly and testing company it acquired in 2020, according to a Bloomberg report.
The report, citing people familiar with the matter, said Wise Road has already hired an adviser and may seek around $3 billion from a potential sale of the Singapore-based chip tester.
The discussions, however, are in the early stages, and a sale is not guaranteed, the report said.
Wise Road Capital is a global PE fund manager that invests in semiconductors and other high-tech industries. Its investors include leading global high-tech companies, financial institutions, as well as family offices.
It acquired UTAC from a group of shareholders, including Affinity Equity Partners and TPG Inc., in 2020 for an undisclosed amount.
Its portfolio includes lead frame manufacturer AAMI; industrial pressure sensors firm Huba Control; automotive power semiconductor maker Nexperia; mobile and AIoT manufacturer JLQ; smart device ODM firm Huaqin; and MEMS sensors maker Sciosense.
UTAC, on the other hand, is an independent provider of assembly and test services for a broad range of semiconductor chips. It has production facilities are located in Singapore, Thailand, China, and Indonesia.
The potential sale comes as Greater China is said to be losing its grip as the largest private equity market in the Asia Pacific region.
As recently as 2020, China represented half of Asia-Pacific deal value, however, that share fell to just over one-fourth (25%) last year, according to Bain & Co’s Global Private Equity Report 2025.
Global buyout deal volume and value bounced back in 2024, following two years of sharp declines. In Asia-Pacific, buyout and growth deal value went up 11% YoY, rebounding at a much slower pace than its North America and Europe counterparts.
