Chinese chip firm Biren Tech seeks up to HK$838 million in Hong Kong placement, term sheet shows

Chinese fabless semiconductor design company, Shanghai Biren Technology (6082), plans to raise about US$801 million (HK$6.25 billion) to US$838 million through a new share placement in Hong Kong, according to a term sheet seen on Friday night.

Here's more details from the sheet:

Biren is offering 136 million new Hong Kong shares at HK$46.20 to HK$48.30 each. The price range is a 5.8 percent to 9.9 percent discount to the stock's last close of HK$51.30 on Friday.

The shares equal about 5.6 percent of the company's current share capital and about 5.3 percent after the sale.

Biren plans to use the funds to enhance research and development, speed up the sale and production of next-generation products, make strategic investments and acquisitions, and for working capital and general corporate purposes.

The shares are expected to trade on July 6.

Reuters
 

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