US-Sanctioned Wingtech to Divest Assets in Face of Heavy Losses

Wingtech Technology Co., a Chinese supplier to Apple Inc. and other electronics makers, has agreed to spin off a major piece of its operations after US sanctions threaten to bring heavy losses.

The company signed an agreement to sell its stake in five subsidiaries to Luxshare Precision Industry Co., according to a filing with the Shanghai Stock Exchange on Thursday. Assets in three other Wingtech units will also be divested.