Chinese Semiconductor Maker Hua Hong Rises in Shanghai Debut

(Bloomberg) — Shares of China’s Hua Hong Semiconductor Ltd. advanced in its trading debut in Shanghai after it raised 21.2 billion yuan ($2.96 billion) in the largest sale of new equity in the Asia Pacific region this year.

The country’s second-largest chip foundry company closed 2% higher in Shanghai, trimming an increase of as much as 15% in early trading. The company sold 408 million shares, or 24% of its total share capital, at 52 yuan each. Half of the offering was allotted to 30 strategic investors, with the rest distributed among funds and individuals. The company’s Hong Kong-traded shares fell 11%, the most since May 2022.