By Rajasik Mukherjee
July 8 (Reuters) – China’s Nexchip Semiconductor said on Wednesday it aims to raise around HK$6.98 billion ($890.37 million) in its Hong Kong share sale by pricing the offering at the top end of its range to benefit from the city’s revitalised capital market.
The chipmaker is offering 216.2 million shares at HK$32.30 apiece, according to its prospectus.
Nexchip plans to spend more than HK$3.5 billion from the proceeds on research and development and another HK$1.5 billion on AI-powered systems to integrate research, development and production processes.
Chinese chipmakers are stepping up investment in manufacturing technology and artificial intelligence as Beijing pushes for greater semiconductor self-sufficiency.
New listings in Hong Kong have soared nearly 57% in the first half of 2026 from a year earlier to about $22.45 billion, marking the busiest start to a year for the city in five years, according to LSEG data.
“I think Nexchip’s Hong Kong listing reflects China’s broader strategy of using domestic capital markets to accelerate semiconductor self-sufficiency,” said Glenn Yin, research director at brokerage ACCM.
“The fresh funding should support capacity expansion and technological upgrades, but recent weakness in major chipmakers such as Samsung also shows that investors are becoming increasingly selective toward semiconductor stocks.”
Apple supplier Luxshare Precision Industry also priced a $3 billion Hong Kong share sale on Tuesday.
Nexchip, a partially state-owned firm, said it expects to announce the level of investor demand for its international offering on Thursday, with trading of its shares set to begin the following day.
($1 = 7.8394 Hong Kong dollars)
(Reporting by Rajasik Mukherjee; additional reporting by Nichiket Sunil; Editing by Leroy Leo)
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