Malaysian 'Silicon Valley' seeds homegrown chip startups

PENANG, Malaysia -- When chip design company Oppstar listed on the Malaysian stock exchange last year, it was a watershed moment for the Southeast Asian country and its ambitions to revitalize its semiconductor industry.

Amid globally weak public listing activity, investors flocked to the initial public offering, the first by a chip design house on the local bourse. It was oversubscribed by 77 times, pushing its stock price up 286% on its first trading day.