United Nova Technology (SHA:688469) received the China Securities Regulatory Commission's approval to acquire 72.33% of Xinlian Yuezhou Integrated Circuit Manufacturing (Shaoxing), according to a Saturday filing on the Shanghai bourse.

The Chinese semiconductor foundry services provider's shares jumped over 3% during Monday's afternoon trade.

The acquisition will be made through share placement and cash. The stake will be bought from 15 investors, the filing said.

The approval is valid for 12 months.