Chipone Technology has secured over 6.5 billion yuan ($1 billion) in a Series E financing round that pushed the valuation of the Chinese chip designing firm to over 30 billion yuan ($4.7 billion).

It will help the company build long-term partnerships with key suppliers and provide a stable, secure, and sustainable chip supply chain to the global display industry,” said Zhang Jinfang, chairman and CEO of Chipone, in the statement. Before the Series E round, Chipone had hired investment bank China International Capital Corporation (CICC) in early 2019 to prepare it for an initial public offering (IPO) on the domestic stock market, before the firm shelved the listing plan in August 2020 to focus on market expansion and revenue growth.

Chinese Chip Designer Chipone Valued At $4.7B After Oceanpine-Led $1B Series E Round

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