After several high-profile announcements of plans to develop computer chips, Gree Electric, a Chinese major appliance manufacturer famous for air-conditioners, has taken the initiative to set up a new company, Yicai.com reported.

According to the National Enterprise Credit Information Publicity System, Zhuhai Zero Border Integrated Circuit Co. Ltd. was established with a registered capital of 1 billion yuan (US$150 million).

The company’s business scope covers the design and sales of semiconductors, integrated circuits, chips, electronic components and electronic products.

The legal representative is Dong Mingzhu, the chairman of Gree Electric. While the only shareholder is Gree Electric.

Earlier in June, Dong said that the company will strive to use its own chips for Gree air conditioners next year. However, investors are worried that Gree Electric’s move into the chip field may affect dividends.

Dong clearly stated that the dividends won’t be affected and it is a must to develop their own chips.