CICF-backed NSIG eyes $341m STAR Market IPO

China Integrated Circuit Industry Investment Fund (CICF)-backed National Silicon Industry Group (NSIG) is seeking to raise as much as 2.4 billion yuan (approximately $341 million) in an initial public offering (IPO) on the Nasdaq-like STAR Market.

Shanghai-headquartered NSIG, which manufactures and distributes silicon products, plans to sell up to 620 million common shares at a price of 3.89 yuan ($0.55) apiece. Its market value is expected to exceed 3 billion yuan ($426 million) with the IPO, according to a filing with the Shanghai Stock Exchange.

Chinese Haitong Securities is acting as a principal underwriter of the deal.

Founded in 2015, NSIG is a joint venture set up by state-owned investment vehicles Guosheng Group, ICF and Shanghai Jiading Industrial Zone Development Group, besides Summitview Capital’s IC fund. Guosheng Group and ICF are the majority shareholders in NSIG, owning 30.48 per cent of stake, respectively.

NSIG is one of the largest providers of semiconductor silicon materials in the country. Its revenue derives from the flagship product 200mm-chip for four years in a row, counting for more than 77 per cent of earnings. The products are exported to North America, Europe, and other Asian regions.

The company’s top clients include US-based Global Foundries, the Netherland’s NXP Semiconductors, STMicroelectronics, New York and Hong Kong dual-listed Semiconductor Manufacturing International Corporation, HK-listed Huahong Group, state-owned CR Micro, Yangtze Memory Technologies, among others.

NSIG will allocate the IPO proceeds to expedite the R&D and commercialization of 300mm-chip, besides supplementing working capital.

Launched in 2014, the state-owned ICF is a semiconductor-focused fund with a target to advance self-reliance in high-tech sectors. Ministry of Finance, China Development Bank Capital, China Tobacco, Beijing E-Town International Investment & Development, and China Telecom are the largest shareholders. In July 2019, ICF had raised 200 billion yuan ($29 billion) in its second financing round to fuel the domestic chip industry.

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.

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.