China’s second largest semiconductor company plans to raise more than $2 billion to build a new fab
China's semiconductor companies are trying to catch-up to their western peers when it comes to making advanced chips.
The planned initial public offering comes as China’s chip companies gear up for steeper competition with the United States due to geopolitical tensions. New rules bar American citizens, residents and green-card holders from working with China's chip makers. Hua Hong says it intends to use the money to invest in a new fabrication plant – or fab – in the eastern city of Wuxi, with construction set to begin in 2023 and an eventual production capacity of 83,000 wafers per month.
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