STRONGER PRESENCE: The Hejian Technology (Suzhou) Co Ltd offering is to raise about 2.5 billion yuan and it plans to use most of the proceeds to boost its capacity

Taipei Times
Date: Jun 30, 2018
By: Lisa Wang  /  Staff reporter

The board of United Microelectronics Corp (UMC, 聯電) yesterday approved a proposal to allow its Chinese unit, Hejian Technology (Suzhou) Co Ltd (和艦科技), to file for a 2.5 billion yuan (US$380 million) initial public offering (IPO) in China.

Hejian’s IPO, aimed at funding capacity expansion and to vie for a stronger presence in China, is the latest in a slew of local firms looking to debut the shares of their Chinese subsidiaries.

Foxconn Industrial Internet Co’s (FII, 富士康工業互聯網) IPO on the Shanghai Stock Exchange earlier this month saw its market value surpass its Taipei-listed parent company, Hon Hai Precision Industry Co (鴻海精密).

“We began taking a serious look at this IPO project prompted by some similar [IPOs] launched by local peers,” UMC chief financial officer Liu Chitung (劉啟東) told a media briefing.    [FULL  STORY]