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

BEIJING : Chinese chipmaker Hua Hong Semiconductor said on Sunday it aims to raise up to 21.2 billion yuan ($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 $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.

($1 = 7.1861 Chinese yuan)