CanSemi raises approximately 6.16 billion yuan in Shenzhen listing

Chinese wafer foundry CanSemi Technology listed Tuesday on Shenzhen's ChiNext board, raising approximately 6.16 billion yuan ($919 million) before any overallotment option exercise, Herald Business reported. China approved the listing despite the company's cumulative net losses of approximately 6.52 billion yuan over 2023-2025. CanSemi plans to invest the proceeds in production equipment and specialized process development. Its two existing 12-inch factories have a combined planned capacity of 80,000 wafers per month, which it intends to expand to 120,000 through additional construction. The company manufactures analog, power management, image sensor and display driver chips using processes ranging from 180 to 55 nanometers. Its prospectus says equipment depreciation and research costs make profitability unlikely before 2029 at the earliest.