Xinxing Electronics seeks to raise up to $1.4 billion by issuing global depositary shares, documents show
Chip supplier Xinxing Electronics is seeking to raise up to $1.4 billion through the issuance of global depositary shares (GDRs), trading documents show, taking advantage of rising investor enthusiasm for companies related to the AI boom. The document shows that the company will issue 50 million GDR shares at a price of $26.96-27.76 per share. Xinxing Electronics plans to use the proceeds to purchase raw materials in foreign currencies.