Chinese chipmaker Hua Hong seeks up to US$2.95 billion in mainland listing

Chinese chipmaker Hua Hong seeks up to US$2.95 billion in mainland listing
A man wearing a mask walks by the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, on Feb 3, 2020. (File Photo: Reuters/Aly Song)

BEIJING: Chinese chipmaker Hua Hong Semiconductor said on Sunday (Jul 23) it aims to raise up to 21.2 billion yuan (US$2.95 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 IPO 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, which saw revenue jump 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.

Source: Reuters/at