Japan’s chipmaker Kioxia said to scrap IPO plan as Sino-US tensions rise

IPO

Kioxia Holdings Corp, the world’s second-largest memory chipmaker, will scrap plans for an initial public offering (IPO) as tensions between China and the United States have been rising, the Nikkei Business magazine reported on Sunday.

The reported decision comes after Kioxia earlier this month set a tentative price range for an IPO in Tokyo that put the market value lower than 2 trillion yen (14.86 billion pounds), the price that a Bain Capital-led group paid for the company two years ago.

Kioxia, formerly known as Toshiba Memory, had planned to list on the Tokyo Stock Exchange on Oct. 6.

Toshiba said in a statement the company was not in a position to comment on Kioxia‘s IPO. Bain Capital could not be immediately reached for comment.

The memory chip market is bracing for an impact from tighter U.S. restrictions on Huawei Technologies Co Ltd that came into force this month.

Kioxia warned the tighter rules could cause memory chip oversupply and drive down market prices.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.