BRIEF: Kuxin Microelectronics gets CSRC nod for Hong Kong IPO
Visual processing AI system on a chip (SoC) designer Hefei Kuxin Microelectronics Co. Ltd. was approved by China’s securities regulator to make a Hong Kong IPO, clearing a key regulatory hurdle for the listing. The company plans to sell about 26.7 million shares in the offering, according to an announcement posted Friday on the China Regulatory Commission’s (CSRC) website.
Kuxin previously considered listing on China’s domestic A-share market in 2021, but abandoned the effort due to a tightening regulatory environment. It plans to use its IPO proceeds to upgrade its SoC product portfolio and support product applications in its targeted usage scenarios, including cameras, robotics and smart wearable devices, according to its listing application filed with the Hong Kong Stock Exchange last month.
Hefei Kunxin reported revenue of 341 million yuan ($49 million) in the first nine months of last year, down slightly from 343 million yuan in same period a year earlier. Its loss over that time narrowed to 2.28 million yuan from a loss of 156 million yuan a year earlier.
By Doug Young
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