Wednesday, September 27, 2023

Chinese Chipmaker Hua Hong Aims for $2.95 Billion in Shanghai Listing

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  • Chinese chipmaker Hua Hong Semiconductor aims to raise $2.95 billion in a listing on Shanghai stock exchange.
  • The company plans to sell 407.75 million shares at 52 yuan per share.
  • Hua Hong’s IPO is set to be the biggest mainland listing in 2023.
  • Chinese chipmakers seek capital amid the technology war with the US.
  • Hua Hong plans to increase capacity at its 12-inch production line and build new lines.

Chinese chipmaker Hua Hong Semiconductor announced on Sunday its ambitious goal of raising up to 21.2 billion yuan ($2.95 billion) through a listing on the Shanghai stock exchange.

In a statement to the exchange, the country’s second-largest chip foundry revealed its plan to sell 407.75 million shares at a price of 52 yuan per share.

This initial public offering (IPO) by Hua Hong Semiconductor is poised to become the most substantial mainland listing of the year.

The move comes as Chinese chip manufacturers hasten their efforts to secure capital, as Beijing strives for self-sufficiency amid an escalating technology battle with Washington.

With a remarkable 52% increase in revenue in 2022, soaring to a record $2.5 billion, Hua Hong Semiconductor is now keen on expanding the capacity of its 12-inch production line in Wuxi. The company also plans to embark on building new lines.

As China’s chip industry takes center stage in the race for technological supremacy, Hua Hong Semiconductor’s strategic listing aims to strengthen its position in the competitive landscape and contribute to China’s drive for innovation and self-reliance.

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Ethan Rivers
Ethan Rivers
Hi there! I'm Ethan Rivers, a financial enthusiast and the proud author behind the popular financial blog, "Roms Deals." With a passion for helping others achieve financial freedom, I've spent years diving deep into the intricacies of personal finance, investment strategies, and wealth management. Through my blog, I aim to demystify the world of finance and provide practical tips that anyone can apply to their financial journey. Having worked in the financial industry for over a decade, I've gained valuable insights and experience that I love sharing with my readers. From navigating the stock market to maximizing savings, I strive to equip individuals with the knowledge and tools they need to make informed financial decisions. Join me on this exciting journey towards financial empowerment and let's unlock the doors to a brighter financial future together. Welcome to "Roms Deals"!

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