May 18 (Bloomberg) -- Hynix Semiconductor Inc., the world’s second-largest maker of computer-memory chips, plans to sell $305 million in equipment to a venture it will set up in China.

The chip-packaging and testing gear will be sold to a venture with Wuxi Industrial Development Group Co., Ichon, Korea-based Hynix said today in a statement. The transaction will help improve Hynix’s finances and save about 2 trillion won ($1.6 billion) in investments over five years in so-called “back-end” processes, Hynix said.

Hynix will hold 45 percent of the venture, to be established this year, and Wuxi Industrial will own the remainder, Hynix said.

The South Korean company sold 724.5 billion won in new shares last week to help fund operations and received creditor approval in April for a 1.3 trillion won fundraising plan that included the stock sale.

Hynix rose 0.8 percent to 13,400 won in Seoul as of 9:29 a.m., while the benchmark Kospi index lost 1.3 percent.

To contact the reporter on this story: Kevin Cho in Seoul at kcho2@bloomberg.net

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Google Contacts Open to Non-Gmail Users [Contacts]

Google Apps users and those looking for a central, convenient spot for their contacts, take note: Google's stand-alone contacts site now lets anyone with a Google account add and manage names and details.

Anyone with a Google account, or those who sign up for one, can head to google.com/contacts to start adding and managing contacts. Why, you might ask, would a non-Gmail user want to do such a thing? For one, Google's Contacts manager supports imports and exports from a wide range of apps, like Outlook, Yahoo, Hotmail, and, using the free A to G app, Apple Mail. So it makes for a nicely web-accessible backup, and won't require another account if you're already using another Google service.

Google Contacts is free to use with a Google account; Google Apps users have to get their administrator to enable Contacts from their "Add more services" link at the Control Panel.

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