Zhitong Financial APP learned that on Wednesday, no wafer fab ASIC chip design company$Intchains Group (ICG.US)$Reduced the proposed size of its upcoming IPO deal. The company currently plans to issue 1.3 million American depositary receipts at a price of $7 to $9, raising $10 million. The company had previously applied to issue 3.6 million American depositary receipts at the same price, raising $29 million. At the midpoint of the proposed price range, smart chain will raise 65 per cent less than previously expected. The company plans to list on NASDAQ.

Congchain Group is a wafer-free integrated circuit chip design company headquartered in Shanghai, China for block chain applications. The Congchain Group provides high-performance ASIC chips and supporting software and hardware for blockchain applications. It uses the fab-free business model to focus on the front and back end of IC design, which is a major part of the IC product development chain. They have established strong supply chain management with leading contract factories, which helps to ensure product quality and stable output. The Congchain Group uses its proprietary "Xihe" platform to design its own ASIC chips, which the company says enables it to develop a variety of ASIC chips efficiently and scalably.