China chipmaker CanSemi raises $672m to boost output

HONG KONG -- China's CanSemi Technology has raised 4.5 billion yuan (about $672 million) in a new funding round to invest in the construction of new facilities and expand its production of industrial and automobile chips.

CanSemi, which focuses on the mass production of 12-inch silicon wafers, secured the fresh capital from investors including Guangzhou Yuexiu Industrial Investment Fund Management, the private equity unit of Chinese listed company Yuexiu Financial Holdings.