Chinese Chip-Wafer Maker Hua Hong Files for $2.5 Billion Shanghai IPO

Shanghai-based Hua Hong said that roughly 70% of the planned IPO proceeds will be earmarked for building a new 12-inch wafer production line in the Jiangsu province city of Wuxi — one of China’s major semiconductor manufacturing hubs. Photo: VCG

The Hong Kong-listed shares of Hua Hong Semiconductor Ltd. rose 17% on Monday after the world’s sixth-largest contract semiconductor-wafer maker filed for a hometown listing on Shanghai’s high-tech board.

If successful, the 18 billion yuan ($2.5 billion) deal would be the third-biggest IPO ever on the STAR Market after Hua Hong’s bigger domestic peer Semiconductor Manufacturing International Corp. (SMIC) and biotech firm BeiGene Ltd., which raised 53.2 billion yuan and 22.2 billion yuan in their respective flotations in 2020 and 2021.

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