China’s Nexchip Semiconductor seeks to raise up to $890.26 million in a Hong Kong share sale, according to an exchange filing. The chip firm is offering 216.2 million shares at a maximum price of $32.30 each.
Nexchip plans to use about 53.6% of the proceeds for research and development and optimization of its 22 nm technology platform. The company expects some of the proceeds to go towards production initiatives based on artificial intelligence technology.
The share sale is part of a larger trend of Chinese technology firms seeking to raise funds in Hong Kong’s capital markets. Other companies, such as Apple supplier Luxshare Precision Industry, are also seeking to raise funds in the region.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
