Chinese electronic design automation (EDA) software firm Empyrean Technology, one of China’s best hopes in reducing reliance on imported chip design tools, has received approval from securities regulators to go public in the southern city of Shenzhen. A successful initial public offering could help the Beijing-headquartered company raise more than 2.55 billion yuan (US$381 million), according to Empyrean’s prospectus. The firm’s backers include its largest shareholder – state-owned China Electronics Corp – which owns a 26 per cent stake, as well as the National Integrated Circuit Industry Investment Fund, a significant financial supporter of the Chinese chip industry known as...