HK-listed chipmaker Hua Hong Semiconductor jumps on Shanghai listing approval

Hua Hong Grace Semiconductor

18/05/2023 05:55

** Shares of Chinese chipmaker Hua Hong Semiconductor Ltd
 1347.HK  jump as much as 10.7% to HK$28.40, on track for the
biggest one-day pct rise since Dec. 13 if gains hold
    ** Stock is the biggest pct gainer in Hang Seng Tech Index
 .HSTECH  and fourth biggest in Hang Seng Composite Index on
information technology firms  .HSCIIT  
    ** Hua Hong, competing with bigger rival Semiconductor
Manufacturing International Corp (SMIC)  688981.SS   0981.HK ,
said it had received Shanghai Stock Exchange approval for its
planned $2.6 bln share listing, which is expected to be one of
the country's biggest this year 
    ** Shanghai-based company said it plans to raise up to $2.60
bln to fund investment and innovation, and will submit an
application for registration to China's securities regulator
    ** SMIC's Hong Kong shares rise 3.9%, while Shanghai stock
up 1.8%
    ** In China, CSI All Share Semiconductors and Semiconductor
Equipment Index  .CSIH30184  climbs 0.9%
    ** In Hong Kong, Hang Seng Composite Index on information
technology firms  .HSCIIT  adds 0.9%, Hang Seng Tech Index
 .HSTECH  surges 1.7%
    ** Hang Seng Composite Index  .HSCI  gains 0.9%, Hang Seng
Index  .HSI  rises 1.1%
    ** As of last close, Hua Hong shares are down 5.9% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))