China's Nexchip Semiconductor seeks up to $890.3 million in Hong Kong share sale
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China's Nexchip Semiconductor seeks up to $890.3 million in Hong Kong share sale Reuters Mon, June 29, 2026 at 7:48 PM EDT 1 min read 688249.SS 002475.SZ AAPL June 30 (Reuters) - China's Nexchip Semiconductor seeks to raise up to HK$6.98 billion ($890.26 million) in a Hong Kong share sale, an exchange filing showed on Tuesday. The chip firm is offering 216.2 million shares at maximum HK$32.30 each and expects dealing of H shares to begin on July 10, the filing showed. Nexchip's raising follows a slew of Chinese technology firms seeking to raise funds in Hong Kong's red-hot capital markets, with Apple supplier Luxshare Precision Industry revealing on the day an up to $3.10 billion share sale. AI-linked firms seek to catch the action, with Baidu's Kunlunxin planning a Hong Kong IPO with a $50 billion target valuation, the Information reported on Sunday. Nexchip aims to use about 53.6% of the proceeds for research and development and optimization of the 22 nm technology platform, and expects some of the proceeds for production initiatives based on AI technology. The company, however, sees lower net profit for 2026 compared to a year ago, mainly due to anticipated depreciation costs from its new production facility, the filing showed. Cornerstone investors, or big investors that commit to buy shares before listing, include Chinese automotive firm Chery Automobile's unit, according to the prospectus. (Reporting by Nichiket Sunil in Bengaluru; Editing by Maju Samuel)
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