Guangzhou-based wafer foundry CanSemi Technology has set its initial public offering (IPO) price at CNY12.01 per share on Shenzhen's ChiNext board. The company aims to raise CNY6.16 billion (approx. US$917.9 million) by issuing 512.6 million new shares.
If the over-allotment option is fully exercised, the share issue will rise to 589.54 million shares, bringing gross proceeds to CNY7.08 billion. The deal reflects strong domestic investor demand for homegrown semiconductor manufacturing amid ongoing US export curbs and Beijing's drive for chip self-reliance.
Subscription opened on September 24, with GF Securities serving as the lead underwriter, according to Bloomberg.
Strategic backers take half the base shares
Strategic investors have committed to taking 50% of the base shares on offer. Key strategic backers include Hangzhou Alibaba Cloud Feitian Information Technology, Shenzhen Goodix Technology, and Shenzhen BIWIN Storage Technology.
Meanwhile, power management IC design leader Shanghai Bright Power Semiconductor announced it will invest up to CNY50 million of its own funds to participate in CanSemi's strategic placement. Bright Power received an allocation of 4,163,197 shares, representing 0.81% of the IPO shares and 0.14% of CanSemi's total enlarged share capital prior to any over-allotment, according to Futubull.
Revenue rises, losses widen
Financial filings highlight rapid revenue expansion alongside heavy upfront capital expenditure and fab depreciation. In 2023, CanSemi reported revenue of CNY1.04 billion and a net loss of CNY1.92 billion. In 2024, it posted revenue of CNY1.68 billion and a net loss of CNY2.33 billion. In 2025, it posted revenue of CNY2.58 billion and a net loss of CNY2.49 billion.
CanSemi's public market debut adds to a broader wave of domestic chipmakers tapping capital markets to scale production capacity alongside state-backed incumbents SMIC and Hua Hong Semiconductor.
Article edited by Jerry Chen
