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

Hua Hong Grace Semiconductor

23/07/2023 10:17

BEIJING, July 23 (Reuters) - Chinese chipmaker Hua Hong
Semiconductor  1347.HK  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% 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)

 (Reporting by Dominique Patton and Amy Lv; Editing by
Jacqueline Wong)
 ((dominique.patton@thomsonreuters.com;))