International Business Machines Corp has bought a strategic stake in Sichuan Changhong Electric Co for 108 million yuan ($15.8 million), the major Chinese television and consumer electronics maker said on Saturday.
A Chinese unit of IBM bought the 1.56 percent stake through the Shanghai Stock Exchange on Friday from the Changhong group, Sichuan Changhong's biggest shareholder, which saw its shareholding reduced to 29.08 percent from 30.64 percent. Sichuan Changhong did not elaborate on any future expansion of ties with IBM, which did not previously own a stake in the Chinese company.