Hunan Friendship & Apollo Commercial (SHE:002277) partnered with Changsha Guokong Capital Management and the Tsinghua University Tianjin Institute of Electronic Information to establish a semiconductor hub, according to a Tuesday disclosure on the Shenzhen bourse.

The Chinese department store operator and Changsha Guokong Capital Management also plan to establish a semiconductor-focused merger and acquisition fund, with the company as the fund manager. The fund may also invest in projects related to the university's scientific results.

The cooperation agreement is valid for three years, the disclosure said.

Hunan Friendship's shares closed 10% higher.