Canyon Bridge, the China-backed owner of Imagination Technologies, plans to re-list the UK-based chip designer in London, New York or Hong Kong, the head of the private equity firm told the Financial Times on Thursday.
“The objective would be an IPO over the next few years,” Ray Bingham, who is also interim CEO of Imagination, told the newspaper.
Canyon Bridge, which is backed by Chinese state-owned China Reform Holdings, recently tried to appoint new four directors to Imagination’s board, without success. The move was pposed by the British government, which is concerned that the company would be moved to China.
Imagination and Canyon Bridge claim they are committed to remain a UK-headquartered business.
Canyon Bridge bought Imagination in 2017 for 550 million pounds ($679 million). The British company had previously lost its value after its biggest customer Apple terminated its licensing for Imagination Tech's GPUs and said it would develop more of its own graphics technology.