China Chipmaker Seeks Funds at $19.5 Billion Value as IPOs Cool
- Government-backed Changxin put Shanghai IPO on the backburner
- Changxin among the firms key to China’s goal of matching US
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Changxin Memory Technologies Inc. is delaying its initial public offering and will instead consider raising funds at about a 140 billion yuan ($19.5 billion) valuation, becoming the latest Chinese company to call off a debut because of volatile market conditions.
Changxin had completed a shareholder restructuring around the middle of 2023 to prepare for the potential listing, according to people familiar with the situation. But it decided to await a more favorable market after communications with regulators and prospective investors, said the people, asking not to be identified discussing a private matter.