AsianFin -- Chinese AI chipmaker Cambricon announced on Tuesday that it has received regulatory approval from the China Securities Regulatory Commission (CSRC) to issue shares to specific investors, valid for 12 months.

The company will conduct the private placement in compliance with legal and regulatory requirements, ensuring timely disclosure. Originally targeting up to 4.98 billion yuan in May, Cambricon revised the plan in July to raise no more than 3.985 billion yuan. The funds will support a large language model chip platform, a software platform project for large language models, and replenish working capital.