(Yicai Global) Aug. 23 -- A wholly-owned subsidiary of Chengdu Corpro Technology Co. [SHE:300101] (Corpro) working on satellite internet applications will likely receive up to USD37.5 million (CNY250 million) from an external investor.

Corpro said yesterday that it and its wholly-owned subsidiary, Chengdu Xincheng Beidou Zhilian Co. (CXBZ), signed an investment framework agreement with the Sichuan Tianfu Hongwei Military & Civilian Integrated Industry Development Equity Investment Fund Partnership (Limited Partnership) (Tianfu Hongwei Fund) on August 18.

Under the agreement, Tianfu Hongwei Fund and its partners will pump as must as CNY250 million in cash into CXBZ by taking part in the latter's capital raising and share-offering program and by purchasing its convertible bonds. The exact amount will be set in the official investment agreement.

Corpro said it will still hold a 58.31-percent stake in CXBZ after the deal is completed, while Tianfu Hongwei Fund and other investors will have stakes of 33.35 percent and 8.34 percent, respectively.

The funds will help CXBZ develop satellite internet applications such as remote sensing and navigation ones and help Corpro expand its presence in the satellite internet and big data industrial chain to become a leading industry player in Sichuan.

Corpro's products include high-performance integrated circuits as well as Beidou satellite navigation components, terminals and positioning applications.