Nexchip to Inject RMB 5.1B in RMB 9.1B Capital Raise for Chip Unit Jingyi

The capital structure here is as telling as the sum: Nexchip is funding a multi-billion-yuan fab through a subsidiary-level raise that dilutes its ownership to just under two-thirds, pulling in local Hefei state entities alongside it. That model — anchor company plus municipal investment vehicles — keeps the phase-four build off Nexchip's wholly owned balance sheet while retaining control, and it ties the project's fortunes to local government commitment as much as to the foundry's own cash flow. The open question is whether this dilution-and-partnership template gets repeated for future capacity phases, and how the remaining minority stakes shape decision-making at Jingyi as the 12-inch line moves toward its stated output target.