Hony Capital With TPG To Bid For Failed Elpida

China's Hony Capital and US investment fund TPG will make a joint bid for the failed Elpida Memory Inc., according to The Nikkei. Hony Capital, a Chinese private equity firm, is under the umbrella of Lenovo's top shareholder, Legend Holdings Ltd. Lenovo Group might hold concerns about losing a key memory chip supplier to US or Korean rivals. So far the potential bidders are US chipmaker Micron Technology Inc., a team of Toshiba and SK Hynix Inc., and Hony Capital with TPG