Chinese chip designer Congchain Group (ICG.US) plans to go public in the US this week

Zhitong Finance ·  12/26/2022 15:48

Zhitong Financial APP learned that$Intchains Group(ICG.US)$It is planned to be listed on NASDAQ this week. The company plans to issue 3.6 million American depositary receipts at a price of $7 to $9, raising about $29 million. Based on the midpoint of the planned IPO price range, Congchain's fully diluted market capitalization would reach $499 million.

Congchain Group is a wafer-free ASIC chip design company headquartered in 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.

In terms of financial data, Congchain Group has a turnover of 440 million yuan and a net profit of 343 million yuan from January 01, 2022 to September 30, 2022. In fiscal year 2021, the turnover was 632 million yuan and the net profit was 450 million yuan. In fiscal year 2020, the turnover was 54.603 million yuan and the net profit was 8.247 million yuan.

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