NXP Semiconductors NV sold its 40% stake in China-based chip-design joint venture Suzhou ASEN Semiconductors Co. Ltd. to its venture partner Advanced Semiconductor Engineering Inc. for $127 million.

The move would lower the semiconductor manufacturer's exposure to the Chinese market and reduce some competition concerns. China's commerce ministry is the only regulator out of a total of nine that has not yet approved QUALCOMM Inc.'s $44 billion pending acquisition of NXP, Reuters noted.

The deal is awaiting approval from Chinese regulators at a time when trade tensions between the U.S. and China have risen. The U.S. government blocked Singapore-based Broadcom Ltd.'s proposed takeover of Qualcomm on national security concerns.