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X-chip Semiconductor's IPO Retail Demand Triggers Clawback

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Jiangsu X-chip Semiconductor Technology (SHE:301707) reallocated part of its publicly offered shares after the clawback mechanism was activated due to online retail subscription exceeding the threshold of 100 times, according to a Friday filing with the Shenzhen Stock Exchange.

The online subscription multiple reached 12,534 times, prompting the underwriters to transfer 20%, or 5.8 million shares, from the offline offering to the online offering.

Following the reallocation, the final offline offering size was 17.3 million shares, or 60% of the total IPO, while the online offering size was 11.5 million shares, or 40%.

The chip packaging and testing company sold a total of 41.1 million shares at 23.45 yuan apiece in the IPO, generating gross proceeds of 964.3 million yuan.

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