VeriSilicon seeking US listing
Updated: 2007-10-27 11:08
 Shen Guojun (first from right), president of property developer China Yintai Holdings Ltd, and Chan Yue-kwong (second from right), chairman of Hong Kong-based restaurant chain Cafe de Coral Holdings Ltd, at a press conference in Beijing on Friday. Shen and Chan are two of the 11 winners of the Ernst & Young Entrepreneurs of the Year China 2007 awards. [China Daily] |
VeriSilicon Inc, an integrated circuit (IC) design house backed by Intel VC, plans to list on the NASDAQ within two years and will seek a new round of investment.
Wayne Dai, chairman and CEO of the Shanghai-based chip designer, said on Friday he has spoken to NASDAQ executives twice this year about the listing.
"We believe the period between the Beijing Olympics in 2008 and the World Expo in Shanghai in 2010 might be good," said Dai, after receiving an Ernst & Young Entrepreneur of the Year China 2007 award, along with 10 other winners.
The company will also get a new round of investment from backers like IBM and Lehman Brothers in China and semiconductor investor Vantagepoint Partners in the Silicon Valley.
He declined to reveal further details. But he said nearly 10 venture capital and private equity firms hold more than 50 percent of the company after four rounds of investment - including big names Intel VC, IDG Venture, Legend Capital and International Finance Corp under the World Bank.
VeriSilicon is one of the largest private chip design houses in China. It posted revenue of $35 million last year.
Dai said his company has doubled sales for the past three years and its gross margin is 50 percent - high for a Chinese chip designer due to its focus on intellectual property rights. The firm holds over 50 US patents.
Since Beijing-based chip designer Vimicro raised $87 million in its 2005 NASDAQ listing, IC design has become a sought-after area for overseas listings and venture capital investment.
David Sun, chairman and managing partner of Ernst & Young China, said innovation and globalization were common traits among the rising generation of entrepreneurs.
"All of this year's winners started their own businesses and successfully turned their dreams into reality, which is going to encourage the entrepreneurial spirit in China," said Sun.
Cheung Yan, chairwoman of paper-making giant Nine Dragons, Liu Yonghao, president of agricultural firm New Hope Group, and Xu Hang, co-CEO and chairman of New York-listed medicinal equipment maker Mindray, also won awards.
It's the second time Ernst & Young has given the awards in China, which are based on an independent panel of prominent business leaders.
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