CanSemi plans ChiNext IPO that could make it first wafer maker

Chinese chipmaker CanSemi Technology, formally known as Yuexin Semiconductor Technology, is moving ahead with a Shenzhen ChiNext IPO priced at 12.01 yuan per share. The Guangzhou-based company plans to sell about 512.6 million new shares, raising approximately 6.16 billion yuan ($918.5 million), with proceeds potentially increasing to 7.08 billion yuan if an overallotment option is fully exercised. Strategic investors, including Alibaba Cloud, Goodix Technology and Biwin Storage Technology, are set to purchase half of the initial offering. CanSemi manufactures 12-inch wafers used in consumer electronics, industrial systems, vehicles and artificial-intelligence applications, and the listing could make it the first wafer manufacturer on the ChiNext board. The company says it will use the funds to expand wafer-production capacity, develop specialty-process technologies and support working capital, underscoring China’s broader push for semiconductor self-reliance.