Hua Hong, a Chinese chipmaker, aims for $2.95 billion in mainland IPO.
Chinese Chipmaker Hua Hong Semiconductor Aims for Record IPO
The Chinese chipmaker, Hua Hong Semiconductor, has announced its plans to raise up to 21.2 billion yuan ($2.95 billion) through a listing on the Shanghai stock exchange. This IPO is set to be the biggest mainland listing of the year.
Chinese chipmakers are rushing to raise capital as Beijing aims for self-sufficiency in the face of an escalating technology war with Washington. Hua Hong, the country’s second-largest chip foundry, has seen a 52% increase in revenue in 2022, reaching a record $2.5 billion. The company plans to expand its production capacity and build new lines at its 12-inch production facility in Wuxi.
($1 = 7.1861 Chinese yuan)
(Reporting by Dominique Patton and Amy Lv; Editing by Jacqueline Wong)
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