UMC announced on March 16, 2011 that its board of directors has approved the purchase of the Chinese contract chip maker He Jian Technology for US$87 million, according to the Commercial Times of Taiwan. It is reported that UMC will buy stakes up to 30% in Best Elite International, a holding company of He Jian. UMC owns 15% shares of He Jian. In 2009, UMC said the company planned to buy the remaining 85% share of He Jian for US$285. In November 18, 2010, UMC's board announced the termination of the He Jian merger agreement with Infoshine Technology, the holding company of He Jian, but UMC also said it would continue to seek integration with He Jian in accordance with laws and regulations.