ChipMOS Technologies, which is a chip test and packaging company is the latest Taiwanese chipmaker to fall to  the power of the workers' renminbi weilded by China's state-backed Tsinghua Unigroup.

Tsinghua will take a quarter stake in the outfit making it the third deal planned by the Chinese giant to enter into the island's chip supply chain. The deal comes on the heels of national elections that brought to power the independence-leaning Democratic Progressive Party (DPP) after eight years under the more China-friendly President Ma Ying-jeou.

The plan still has to win regulatory approval. President-elect Tsai Ing-wen of the DPP has indicated Chinese investments would come under more scrutiny in future.

Tsinghua Unigroup wants to invest $354.11 million in a quarter stake in ChipMOS Technologies, the two companies said last month.

The proposal is now expected to be submitted to Taiwanese regulators for review after the Lunar New Year holiday in mid-February and the review could take 2-4 months to complete.

ChipMOS needs the Chinese for a fresh fund injection which would go towards increasing ChipMOS' production, and research and development in Taiwan, as well as China expansion plans.

Powertech Technology , another Taiwanese chip test and packaging firm, approved a similar partial stake sale to the Chinese giant, while a third Taiwanese chip firm, Siliconware Precision Industries, has yet to take its plan to shareholder vote.