FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

(Reuters) - Softbank Group 9984.T subsidiary ARM Holdings will cede control of its Chinese operations to a new joint venture involving itself and Chinese partners, Nikkei reported, citing people familiar with the matter.

The joint venture started operations in April and plans an initial public offering on one of the country’s stock exchanges, the Nikkei reported.

The new unit called ARM mini China is officially registered in the Chinese city of Shenzhen and is 51 percent owned by Chinese investors, including state-backed entities, with the British chipmaker controlling the remaining 49 per cent, the report said. s.nikkei.com/2jnQqr1

The IPO plan is likely to receive fast-track approval from regulators, Nikkei reported, citing sources.

SoftBank and ARM Holdings were not immediately available for comment.

SoftBank acquired ARM, Britain’s most valuable technology company, for $32 billion in 2016 in an all-equity deal.