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Taiwan’s Wistron Targets Up to $923 Million in Luxembourg Share Sale

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Taiwanese electronics manufacturer Wistron Corp is aiming to raise up to $923 million through the sale of global depository shares (GDS), according to a term sheet reviewed by Reuters. The GDS will be listed in Luxembourg, and trading is scheduled to begin on June 16.

Wistron, a key supplier to Nvidia, plans to issue up to 250 million depository shares priced between $36.20 and $36.93 each. This pricing represents a 4% to 6% discount compared to Wistron’s closing stock price of NT$115 ($3.85) on Thursday.

The company has not issued a public statement regarding the offering as of now. According to the term sheet, proceeds from the share sale will primarily be used to purchase raw materials denominated in foreign currencies—reflecting Wistron’s strategy to better manage currency risks tied to its international supply chain operations.

Expanding U.S. Presence for AI and High-Performance Computing

Wistron’s fundraising comes as it expands its operations to meet surging demand in the high-performance computing and AI sectors. Last month, the company announced that its new U.S. manufacturing facilities—being prepared for customer Nvidia—are expected to be operational next year. The facilities will focus on producing AI-related hardware and high-performance computing products.

The move aligns with Nvidia’s rapid growth in AI-driven technologies, as well as a broader industry shift toward more diversified and localized manufacturing capabilities, particularly in response to global supply chain disruptions.

Additionally, Wistron disclosed that it is actively engaged in discussions with other potential customers to expand its client base in these rapidly growing technology sectors.

Strategic Capital Raising Amid Currency Volatility

By raising funds through the GDS offering in Luxembourg, Wistron is diversifying its capital sources while also mitigating currency fluctuation risks. The global nature of its customer and supplier relationships makes access to foreign currency-denominated funds increasingly critical.

The GDS structure also allows Wistron to tap into a broader pool of international investors, while enhancing its financial flexibility to support ongoing expansion efforts in both manufacturing capacity and technological innovation.

China to Lead in Chipmaking Investment in 2025, SEMI Reports

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China is set to continue its dominance in global chipmaking investments in 2025, despite a notable year-over-year decline, according to a report from industry group SEMI. The country is expected to outpace all other regions in spending on new computer chipmaking equipment, followed by Taiwan and Korea.

Global Investment Growth

SEMI’s forecast for global fabrication plant investments shows a 2% increase in 2025, reaching $110 billion. This marks the sixth consecutive year of growth, driven largely by the demand for tools needed to produce chips for artificial intelligence (AI). SEMI predicts that the AI boom will have an even stronger impact on the industry in 2026, with an expected investment growth of 18%.

China’s Strategic Push and Decline in Investment

China has been the largest consumer of chips for years, and its chipmaking sector saw a massive push starting in mid-2023. With government support, China has accelerated efforts to reduce its dependence on imported chips, particularly in response to U.S. restrictions. Despite this surge, SEMI forecasts that China’s chipmaking spending will drop by 24% in 2025, falling to $38 billion from $50 billion in 2024. However, this still keeps China ahead of other major chip-producing countries like Korea, where SK Hynix and Samsung are expanding memory chip production, with investments projected at $21.5 billion.

Spending in Other Key Regions

Taiwan, home to TSMC, a major foundry for AI chips, is projected to spend $21 billion on chipmaking equipment in 2025. In comparison, spending in Korea will be significant, but not as high as China’s, with $21.5 billion expected. The Americas and Japan are each expected to invest $14 billion, while Europe’s investment is projected at $9 billion.

Key Players in the Equipment Market

The top players in the chip equipment market include ASML, Applied Materials, KLA, LAM Research, and Tokyo Electron. ASML, the largest chip equipment manufacturer, anticipates sales of €32-38 billion in 2025, maintaining a dominant market share in the lithography sector. Chinese equipment makers, such as Naura, AMEC, and SiCarrier (affiliated with Huawei), are also gaining traction in the market.