(Reuters) – China International Development Corp, a producer of leather goods, announced on Friday that it is exploring a potential acquisition of Lonten Semiconductor Co Ltd, with a deal valued at up to HK$9 billion ($1.16 billion). The company has entered into an agreement with Lonten’s largest shareholder and chairman, Xu Xichang, who holds a 24.81% stake, and will engage with other shareholders to facilitate the transaction. China International Development anticipates that the deal could range from HK$4.5 billion to HK$9 billion, which will be financed through cash, share issuance, or a combination of both. The agreement grants China International Development a three-month exclusivity period to assess and review Lonten’s records as a power semiconductor manufacturer. While primarily focused on leather products, China International Development is also involved in the automotive sector and is actively seeking to broaden its presence in China’s semiconductor market. ($1 = 7.7860 Hong Kong dollars) (Reporting by Nichiket Sunil in Bengaluru; Editing by Tasim Zahid)