Chinese CPU designer Loongson seeks to raise $500m in STAR Market IPO

Chinese CPU designer Loongson seeks to raise $500m in STAR Market IPO

Home-made chip Godson 3 on display at the second Fuzhou Digital China Construction Achievement Exhibition on May 7, 2019. Photo: VCG

Loongson Technology Corp. Ltd. filed Monday for an IPO on Shanghai’s Nasdaq-style STAR Market, as the central processing unit (CPU) designer looks to raise 3.5 billion yuan ($544 million) amid a government drive to cut reliance on overseas technology suppliers.

The proceeds from the IPO will be used for the research and development of chips and graphics processing units and for replenishing its working capital, according to the company’s prospectus.

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