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Vimicro joins Chinese race to IPO

Posted: 27 Oct 2005 ?? ?Print Version ?Bookmark and Share

Keywords:vimicro? ipo? china? fabless dsp? dsp?

As expected Chinese fabless DSP and multimedia chip company Vimicro International Corp., has filed for an initial public offering of shares in the company.

Vimicro (Beijing, China), has joined Actions Semiconductor Co. Ltd in seeking a Nasdaq listing and, according to reports, solar energy equipment maker Suntech Power, which is planning a $200 million IPO on Nasdaq by the end of the year.

Actions Semiconductor filed for an IPO worth approximately $225 million on Monday (Oct. 24).

Vimicro founded in 1999, has registered with the U.S. Securities and Exchange Commission that it wants to sell up to $100 million of American depositary shares (ADSs) for trading on Nasdaq, but the company did not reveal the number of shares or the offer price in the registration document, which is awaiting completion.

The company is a supplier of camera multimedia processors for PC peripherals, counting Logitech amongst its customers, and for mobile phones where it counts many Chinese brand owners and design houses in its customer list.

It's IPO aspirations suffered a delay because it was originally set up as a Chinese company rather than as an offshore company with assets in China (see July 14 story). However, according to the it's F-1 form Vimicro International Corp. is now a Cayman Islands company with Vimicro China as a wholly-owned subsdiary which in turn owns and runs Vimicro's operations in China.

Vimicro also revealed that its net revenue has increased from $3.9 million in 2002 to $16.6 million in 2003 and $50.3 million in 2004. Similarly it has ramped revenue from $24.1 million for the first half of 2004 to $40.4 million in the first half of 2005. Vimicro made a net income of $5.3 million in the first half of 2005, compared with a net loss of $5.6 million in 2004 due to the share-based employee compensation expenses recorded in 2004.

- Peter Clarke

EE Times

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