Advanced Semiconductor Manufacturing Corp (
The company, a Chinese chipmaker partly owned by Royal Philips Electronics NV, said orders and capacity use at its two Shanghai plants had picked up this year. It plans to use proceeds from the IPO to cut its more than 1 billion yuan (US$125 million) of debt and to fund capital expenditure.
Costs to build a plant making 8-inch wafers contributed to Advanced Semiconductor posting a loss last year, Tony Liu (
"We spent a lot of resources for the 8-inch investment," Liu said. "From here on, the capital expenditure will be moderate. It's time for us to enjoy the reward."
Chinese chipmakers are expanding to compete with rivals that are building larger, more efficient plants such as Taiwan Semiconductor Manufacturing Corp (
Advanced Semiconductor's share sale, due to be priced on Friday, follows a HK$14 billion IPO by Semiconductor Manufacturing International Corp (
Shanghai-based Advanced Semiconductor, which supplies custom-made chips to Philips, is offering 406.7 million shares at between HK$1.36 and HK$1.85 each. The company, founded in 1988, focuses on making chips used in smart
cards, microwave ovens and other consumer electronics such as identification cards.
Advanced Semiconductor forecast it will at least break even in the six months ended June 30, according to its IPO prospectus. The company had a net loss of 75 million yuan (US$9.35 million) last year on revenue of 931.6 million yuan. It had a profit of 182.7 million yuan in 2004, the prospectus showed.
Advanced Semiconductor shares are expected to start trading on April 7.
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