HK-listed chipmakers Hua Hong, SMIC jump on news of third chip fund launch

Hua Hong Grace Semiconductor

27/05/2024 08:53

** Shares of Hua Hong Semiconductor  1347.HK  lead gains in 
Hong Kong-listed chipmakers, rising 11.8% to HK$19.88, their
highest since Nov. 9
    ** Stock on course for biggest one-day pct gain since
December 2022; biggest pct gainer on the Hang Seng Tech Index
 .HSTECH 
    ** China has set up its third planned state-backed
investment fund to boost its semiconductor industry, with a
registered capital of 344 bln yuan ($47.5 bln), according to a
filing with a government-run companies registry 
    ** Hua Hong's Shanghai shares  688347.SS  rise 4.6% 
    ** Bigger rival Semiconductor Manufacturing International
Corp (SMIC)  0981.HK  jumps 8.1% to HK$16.58, on track for
biggest one-day pct rise since Feb. 27 
    ** In China, the CES CN Semiconductor Index  .CSI990001 
rises 3.3% in its biggest one-day gain since April 29, while
China's stock benchmark CSI300  .CSI300  climbs 0.95%
    ** In Hong Kong, the Hang Seng Tech Index  .HSTECH  rises
1.8% and the Hang Seng Index  .HSI  adds 1.6%

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