(Yicai Global) June 7 -- Hua Hong Semiconductor's stock rose in Hong Kong after the Chinese mainland's second-biggest wafer foundry received the go-ahead for its CNY18 billion (USD2.53 billion) listing on Shanghai's Star Market, the Nasdaq-like board’s third-biggest fundraising.

Hua Hong’s shares [HKG: 1347] finished 5.5 percent higher at HKD26.85 (USD3.42) each today, after soaring by as much as 6.9 percent in the the morning trading sesssion.

The listing will likely be the Star Market’s largest fundraiser this year and its third biggest ever, behind Semiconductor Manufacturing International Corporation's CNY53.2 billion and BeiGene's CNY22.2 billion, the China Securities Regulatory Commission said yesterday.

Shanghai-based Hua Hong is the world's largest producer of smart card integrated circuits and China's largest microcontroller foundry, according to its listing prospectus. Hua Hong has three eight-inch wafer fabs and one 12-inch wafer fab. It was sixth among global foundries for operating income in 2021, a ranking by IC Insights showed.

Nexchip Semiconductor and SMIC were the first two wafer foundries to list on the Shanghai Stock Exchange’s Star Market.

Editor: Martin Kadiev