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Chinese CPU designer Loongson looks for $500m in STAR IPO

Proceeds to go to R&D as government relies on company for tech self-reliance

Loongson Technology on Monday filed for an IPO on Shanghai's Nasdaq-style STAR Market, as the central processing unit designer looks to raise 3.5 billion yuan ($544 million) amid a government drive to cut China's reliance on overseas technology suppliers.

The proceeds from the IPO will be used to research and develop chips and graphics processing units, and to replenish the company's working capital, according to the prospectus.

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