China chipmaker CanSemi seeks to raise up to $918.5 million in Shenzhen listing

HONG KONG, Sept 23 — Chinese chipmaker CanSemi Technology is ​seeking to raise 6.16 billion yuan ($918.5 million) in a Shenzhen listing after pricing ‌its shares at 12.01 yuan each, a company filing ⁠showed on Wednesday.

• ​The company, formally known ⁠as Yuexin Semiconductor Technology, plans to ‌sell 512.6 million ‌new shares before any overallotment option, raising ⁠6.16 billion yuan ⁠before fees.

• If the option is exercised in full, the offering will increase to 589.54 million shares and gross proceeds will rise to 7.08 billion yuan.

• Strategic investors ‌will take half of ​the shares on offer. They include Hangzhou Alibaba Cloud Feitian Information Technology, Shenzhen Goodix Technology and Biwin Storage Technology.

• The Guangzhou-based company produces 12-inch wafers for chip designers. Wafers are thin circular slices of ​semiconductor material used to manufacture chips. Its ‌products are ‌used ⁠in consumer electronics, industrial control systems, vehicles and artificial intelligence applications.

• CanSemi said it would use the proceeds to fund 12-inch wafer ‌production projects and ​for working capital.

• Subscriptions ‌open on Thursday.

($1 = ⁠6.7063 ​Chinese yuan renminbi)

(Reporting by Yantoultra Ngui. Editing by Mark ​Potter)

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