Hua Hong Semiconductor's $2.6 billion China listing approved by exchange

Hua Hong Grace Semiconductor

18/05/2023 02:50

SHANGHAI, May 18 (Reuters) - Chinese chipmaker Hua Hong
Semiconductor Ltd  1347.HK  said it had received Shanghai Stock
Exchange approval for its planned $2.6 billion share listing,
which is expected to be one of the country's biggest this year. 
    Hong Kong-listed Hua Hong's plan for a secondary listing on
Shanghai's STAR Market has been approved by the bourse's listing
committee, and it will submit an application for registration to
China's securities regulator, the company said late on
Wednesday. 
    Hua Hong joins a growing list of Chinese chipmakers to sell
shares publicly on the mainland amid a Sino-U.S. rivalry that
has seen Washington stepping up efforts to restrict exports to
Beijing's semiconductor industry. 
    Hua Hong, which competes with bigger Chinese rival
Semiconductor Manufacturing International Corp  688981.SS 
 0981.HK , has said it plans to raise up to 18 billion yuan 
($2.60 billion) to fund investment and innovation. 
($1 = 6.9121 Chinese yuan renminbi)

 (Reporting by Shanghai newsroom; Editing by Jamie Freed)
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