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Hua Hong Wins Nod for $2.6 Billion Shanghai Listing

  • Hua Hong’s listing could be China’s biggest this year
  • China supports local chipmakers amid US-led sanctions
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Hua Hong Semiconductor Ltd. has received a green light for its 18 billion yuan ($2.6 billion) second listing on Shanghai’s Star board, potentially the biggest in China this year. Its Hong Kong-listed shares jumped the most in five months.

The Shanghai stock exchange on Wednesday approved the share sale plans of the Hong Kong-listed firm, according to the bourse’s website. The company will still have to register its plans with the regulator and hasn’t set any timeline or provided other details of the potential offering.