Chinese chipmaker Hua Hong seeks up to 21.2 billion yuan in mainland listing

CHINESE chipmaker Hua Hong Semiconductor said on Sunday (Jul 23) that it aims to raise up to 21.2 billion yuan (S$3.9 billion) in a listing on the Shanghai stock exchange.

The country’s second-largest chip foundry will sell 407.75 million shares priced at 52 yuan per share, it said in a statement to the exchange.

The initial public offering by the chipmaker is set to be the biggest mainland listing this year.

It comes as Chinese chipmakers rush to raise capital as Beijing seeks self-sufficiency in an escalating technology war with Washington.

Hua Hong, whose revenue jumped 52 per cent in 2022 to a record US$2.5 billion, has said it will increase capacity at its 12-inch production line in Wuxi this year and will start to build new lines. REUTERS