CX Briefing: AI Chipmaker to Raise Fresh Cash

A rundown of the news making headlines in and around China:

Cambricon’s new funding: Chinese artificial intelligence (AI) chipmaker Cambricon Technologies Corp. Ltd. is seeking to raise up to 4.98 billion yuan ($692 million) in a new share placement — its second since going public in 2020. The company said it will issue around 5% of its total shares to no more than 35 investors. Most of the money will go to chip projects, with the remainder going to AI software projects and to supplement working capital. In Cambricon’s last placement, it raised 1.67 billion yuan after twice revising downwards its target. However, the market environment has significantly improved since then, with the company’s stock price rising 244% over the past year through Thursday.