Chinese chip design company Unisoc (Shanghai) Technologies Co is seeking to raise 10 billion yuan ($1.5 billion) in a new funding round that will value the firm at about 70 billion yuan ($10.3 billion), three people with knowledge of the deal told Reuters.
Unisoc has approached several state-backed investment funds for the round, tapping increased local investor interest in China's domestic chip industry, which is gearing up to be more self-sufficient in the face of U.S. pressure, the people said.
One of the people said that the company aims to reach a shortlist of investors by mid-March, and close the round by the end of June on the way to an eventual domestic listing. The sources all declined to be identified as the information is confidential. The company announced it was raising funds , with its board secretary, Jia Shaoxu, saying it would use the funds to enhance its technology and product competitiveness, according to its official WeChat account. It did not disclose the amount.to boost its domestic chip sector and Chinese President Xi Jinping urges the country to become more technologically self-sufficient.
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