Chinese CPU maker Loongson Technology Co. Ltd. completed online subscription for its public share sale, moving a step closer to a planned debut on Shanghai’s STAR Market.
Loongson aims to raise 2.42 billion yuan ($357 million) through the initial public offering, down from previously announced 3.5 billion yuan. Chairman Hu Weiwu said the downsized offering reflects multiple market factors and pledged to further increase investment in research and talent to boost the company’s business.