Chinese authorities have approved the initial public offering of Empyrean Technology, a domestic electronic design automation (EDA) software company, according to South China Morning Post.
State-owned China Electronics Corporation owns 26% of the company which could raise $381 million in its stock market debut in Shenzhen.
Empyrean reportedly said it plans to become a global leader in EDA software by 2030, in a market currently dominated by United States-based companies.
