This article was published on Aug. 26, 2025, at 5:12 p.m. on the ChosunBiz MoneyMove site.
As Rebellions, the largest fabless artificial intelligence (AI) semiconductor corporation in Korea, seeks large-scale fundraising, both domestic and global investors are reportedly seriously considering participation. Currently, investments are being contemplated from the United States, China, Taiwan, Singapore, and Qatar. However, some shareholders of Rebellions have raised concerns about the influx of Chinese capital, making funding from Chinese investors uncertain.
According to investment banking (IB) industry sources on the 26th, Rebellions is pushing for a fundraising plan of 200 billion won. It has been confirmed that JP Morgan, with its global network, is acting as a consulting firm for attracting overseas investment and is negotiating with top investors from the United States and China. The pre-money valuation of Rebellions before investment has been set at 1.55 trillion won, meaning the per-share price is about 670,000 won.
The Hongshan division of Sequoia Capital, the world's largest venture capital firm, is considering an investment of at least $20 million. However, it has been confirmed that some shareholders of Rebellions have voiced concerns about the influx of Chinese capital, largely due to concerns over the potential leakage of advanced technology. Rebellions is currently preparing for the mass production of a new semiconductor chip, Rebellions Quad, to compete with NVIDIA.
The reason shareholders are concerned about funding from Chinese investors is due to the accessibility to core technologies. Typically, investors are granted the right to request materials from the invested corporations, which means they can assess the management status and technical capabilities of the invested corporations.
An industry source noted, 'Concerns about technology leaks due to the influx of Chinese capital, as well as disadvantages in the global market, are also areas of vigilance,' adding, 'This is because there is a trend of strengthening regulations on firms that include Chinese investors in the United States and Europe.'
Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, is also preparing to invest at least $20 million. This coincides with its recent efforts to expand investments in the Asia-Pacific region, including hiring specialized personnel in Korea. However, it has reportedly been engaged in renegotiating the termsheet due to clauses that require reinvestment in Qatari corporations if it accepts QIA's investment. A termsheet is a document drafted to find mutual agreements before finalizing an investment contract.
OCBC's LionX Ventures, a financial corporation in Singapore, is also pursuing an investment of $6 million. It has been confirmed that the approval of the investment review committee has been completed. Raffles Family Office in Hong Kong is considering an investment between $5 million and $10 million. Pegatron, a manufacturer of electronic devices and components that is a subsidiary of Taiwan's ASUS, has confirmed a $2 million investment.
U.S. private equity fund (PEF) manager DST Global, along with Morgan Stanley and Soros Capital Management, a global asset management firm founded by George Soros, is also reviewing the possibility of investment. However, it is reported that they have not yet internally decided on the investment amount and are still in discussions.
An industry source explained, 'I understand that negotiations for investment with Hongshan are still ongoing,' adding, 'Once the participation of potential investors is confirmed, it is expected to exceed Rebellions' target of 200 billion won.'