CanSemi targets up to $918.5 million in Shenzhen chip listing
China's domestic semiconductor financing push continues as Guangzhou-based CanSemi Technology moves ahead with a Shenzhen share sale. The wafer maker prices its shares at 12.01 yuan and plans to use the proceeds for 12-inch wafer production projects and working capital.
Highlights
- CanSemi Technology plans to raise 6.16 billion yuan ($918.5 million) by selling 512.6 million new shares in a Shenzhen listing, with subscriptions opening Thursday.
- If the overallotment option is fully exercised, the offering increases to 589.54 million shares and gross proceeds reach 7.08 billion yuan before fees.
- Funds will expand 12-inch wafer capacity for applications in consumer electronics, industrial, automotive, and AI sectors, underscoring strong investment in China's semiconductor supply chain.
Offering structure and fundraising plan
As reported by Reuters, CanSemi Technology is seeking to raise 6.16 billion yuan, or about $918.5 million, by selling 512.6 million new shares in Shenzhen before any overallotment option, according to a company filing released on Wednesday.If the overallotment option is exercised in full, the offering increases to 589.54 million shares and gross proceeds rise to 7.08 billion yuan before fees. Subscriptions open on Thursday, and strategic investors are set to take half of the shares on offer.
Those investors include Hangzhou Alibaba Cloud Feitian Information Technology, Shenzhen Goodix Technology and Biwin Storage Technology. The company is formally known as Yuexin Semiconductor Technology.
Production expansion and sector relevance
CanSemi produces 12-inch wafers for chip designers, a core semiconductor input used to manufacture chips for multiple end markets. Its products are used in consumer electronics, industrial control systems, vehicles and artificial intelligence applications.The planned fundraising is aimed at expanding 12-inch wafer production capacity and supporting working capital. The deal highlights continued capital demand across China's semiconductor supply chain as chipmakers invest in manufacturing capacity tied to industrial, automotive and AI-related demand.
In our earlier article on China’s review of Broadcom switch dependence in state-backed data centres, we explained how regulators are assessing the scale of foreign networking hardware use as part of a broader “domestic chips for domestic use” push. We also outlined how any resulting procurement guidance could create new opportunities for local suppliers such as H3C, Ruijie and Huawei as AI data-centre infrastructure demand accelerates.
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