Chinese fabless semiconductor design company, Shanghai Biren Technology, plans to raise about $801 million to $838 million through a new share placement in Hong Kong, according to a term sheet seen on Friday night.
Biren is offering 136 million new Hong Kong shares at HK$46.20 to HK$48.30 ($6.16) each. The price range is a 5.8% to 9.9% discount to the stock’s last close of HK$51.30 on Friday.
The shares equal about 5.6% of the company’s current share capital and about 5.3% after the sale.
Biren plans to use the funds to enhance research and development, speed up the sale and production of next-generation products, make strategic investments and acquisitions, and for working capital and general corporate purposes.
The shares are expected to trade on July 6.
Reuters
