KWM guides Empyrean’s IPO amid China chip boost

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KWM guides Empyrean’s IPO amid China chip boost

Chip design software vendor Empyrean has raised RMB3.55 billion (USD522.95 million) through a listing on the ChiNext of the SZSE.

King & Wood Mallesons, the legal adviser for Empyrean, was led by the managing partner of the Beijing office, Gong Mulong, partners Wang Hui, Wan Minxiu and associate Tang Lizi.

DeHeng Law Offices advised the underwriter, CITIC Securities,and its leading partner was Yang Xinwei.

Empyrean develops electronic design automation (EDA), which is a cornerstone tool for designing integrated circuits and known as the “mother of chips”.

According to CCID Consulting, a think tank under the Ministry of Industry and Information Technology, China has been boosting its chip manufacturing.

Despite Empyrean’s rank as China’s largest EDA company it has a mere 6% slice of the Chinese market cake compared with its peers in 2020, with US counterparts Cadence and Synopsys as well as German company Siemens EDA dominating the rest of the sector.