Chip supplier Axera listed on the Hong Kong Stock Exchange, raising HKD2.96 billion (USD378.7 million) and becoming the first Chinese edge AI chip company to go public. Kirkland & Ellis, CM Law Firm, Pillsbury, Clifford Chance and Commerce & Finance Law Offices provided legal services for the transaction.
Edge AI refers to computing performed on servers close to the data source rather than in centralised cloud data centres. This enables AI models to process and analyse data in real time directly on terminal devices such as mobile phones, computers and smart vehicles.
About 105 million shares were offered globally at HKD28.2 per share. CICC, Guotai Haitong and BOCOM International acted as joint sponsors.
Kirkland & Ellis acted as Hong Kong and US counsel to Axera, led by partners Lu Mengyu, George Zheng, Justin Zhou and Han Yuchen. CM Law Firm advised on PRC law, led by managing partner Wu Xiaoliang and partner Tao Yanpei. Pillsbury advised on US export control and sanctions laws.
For the joint sponsors and underwriters, Clifford Chance provided Hong Kong and US legal advice. The team was co-led by Tim Wang, the chair of the firm’s China practice, and partners Fang Liu and Virginia Lee, with counsel Lu Erxin. Commerce & Finance advised on PRC law, led by partner Zhang Xinyang.
Founded in 2019, Axera operates a fabless business model focused on semiconductor chip design and sales. Its core technologies include the Axera Neutron mixed-precision neural processing unit and the Axera Proton AI image signal processor (AIISP).
According to China Insights Consultancy, the company was the world’s largest supplier by shipment volume of mid to high-end vision-based edge AI inference chips in 2024. Axera Proton is also reported to be the first AIISP technology commercialised at scale.
