SHANGHAI (Reuters) – Chinese chipmaker Hua Hong Semiconductor Ltd 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, 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)