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CXMT plans Shanghai share sale to raise nearly $10 billion
Chinese semiconductor firm CXMT seeks nearly $10 billion through a public offering in Shanghai. The New York Times reported the move supports domestic artificial intelligence development.
Jul 15, 3:29 AM·1m read2 sources
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CXMT plans a public offering in Shanghai to raise nearly $10 billion, The New York Times reported. The company seeks $9.8 billion by issuing 6.69 billion shares at 8.66 yuan per share, Bloomberg data showed. The total could expand to 7.69 billion shares if an over-allotment option is exercised.
CXMT serves as a linchpin in China’s drive to develop homegrown artificial intelligence technology, according to The New York Times. The company is one of several Chinese firms seeking large-scale funding for semiconductor projects.
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