Chinese chipmaker Tsinghua Unigroup announced on their website Thursday they have secured 150 billion yuan (US$22 billion) in funding to support the development of semiconductors.

Bloomberg speculates that the new funding will be used to make overseas acquisitions. The firm has successfully acquired a number of firms over the past several years, but was forced to back out of a high-profile partnership deal with Western Digital Corp last year, amid concerns of increased US government scrutiny of the deal.

Tsinghua Unigroup is part of the business arm of Tsinghua University, a public institution with close connections to government leadership in Beijing.