AsianFin -- Shanghai Bright Power Semiconductor said it will acquire a 100% stake in Sichuan Yichong Technology, a Chinese wireless charging chip maker, for 3.28 billion yuan ($457 million), aiming to broaden its product lineup and boost competitiveness.

The Shanghai-listed company said the deal with Yichong’s shareholders will be settled through a combination of cash and share issuance, according to a filing on the Shanghai Stock Exchange Tuesday.