Chinese fire up Imagination

SHARES in Imagination Technologies jumped 17p to 168p on renewed bid hopes after Chinese state-backed business Tsinghua Unigroup bought a 3 per cent stake in the iPhone supplier.

Earlier this year, iPhone maker Apple – an 8 per cent shareholder in Imagination – said it had held talks over a potential acquisition.

Investec analyst Roger Phillips said: “The idea that the Chinese state’s acquisition of IP is a priority, and that Imagination could be a target, has been floated before. This announcement brings it to the forefront.”