Semiconductor equipment manufacturer Hwatsing Technology Co. Ltd. booked a blistering Shanghai STAR Market IPO debut on Wednesday amid a Covid-induced global shortage of microchips, reports Caixin. The Tianjin-based firm’s shares surged 72% in early trading, but gave back some of those gains over the course of the day to close up 64% at RMB 224.1 ($33.5), valuing Hwatsing at about RMB 23.9 billion.

The strong landing contrasted with other chipmaking industry debuts which have slumped recently, such as ASR Microelectronics which dropped 33.75% on its first trading day in mid-January. Investors who spoke to Caixin put that down to Hwatsing’s profitability, sound fundamentals, and its competitive edge in 12-inch wafer polishing.

The firm, which makes chemical-mechanical polishing (CMP) machines, raised about RMB 3.6 billion by issuing 26.7 million shares through the IPO. That’s more than three times its original target to raise RMB 1 billion. CMP machines are used to flatten a wafer’s front surface for adding the next layer of circuit features.

China’s largest hotpot restaurant chain, Haidilao, announced its founder Zhang Yong has stepped back from his role as CEO to concentrate on long-term strategy planning, reports Reuters. The move, which comes amid efforts by Haidilao to slash store numbers, has seen Yang Lijuan, 43, formerly deputy CEO and chief operating officer, take the helm as of March 1. Li Yu, 36, was named COO of its mainland China operations while Wang Jinping, 38, was appointed COO of its operations in Hong Kong, Macau, Taiwan and overseas.

Citi analysts said in a research note the appointments underlined the company’s commitment to overhauling management “via bringing forward its senior management transition to accommodate its aggressive store restructuring plan.”

Haidilao expanded store numbers aggressively in early 2020 but has since seen declines in table turnover rates and earnings. In November, it announced it would close 300 stores.

Chinese recruitment company 51job has agreed to a lower buyout offer from a private equity consortium that sets the company’s value at $4.3 billion, reports Bloomberg. An investor group backed by DCP Capital Partners and Ocean Link Partners reached a deal to buy the Nasdaq-traded firm for $61 per American depositary share, according to a statement Tuesday.

The transaction is set to be one of the largest take-private deals for a US-listed Chinese firm this year.

51job Chief Executive Officer Rick Yan and Recruit Holdings, the Japanese firm that ranks as the company’s largest shareholder, are also part of the consortium. The directors of 51job have approved the revised agreement, following a unanimous recommendation from a special board committee, and the deal is expected to close during the first half of the year.

China is expanding its program that supports tech startups in an effort to promote self-sufficiency and challenge the US in crucial technologies, such as semiconductor chips and biotech, reports Bloomberg. The Industry watchdog is ready to name about 3,000 state-level “little giant” startups this year to spur local innovation, Minister of Industry and Information Technology Xiao Yaqing said in a media briefing in Beijing on Monday.

That would bring the total number to almost 8,000, marking the most aggressive expansion yet for what is Chinese leader Xi Jinping’s latest attempt to add to China’s tech capabilities amid a fierce competition with the US.

The designation allows startups to enjoy incentives while signaling to investors and employees that the companies enjoy Beijing’s special endorsement. The innovation capabilities as well as sales and profitability of little giants has “clearly improved” compared with other companies, Xiao said.

College graduates in the eastern Chinese province of Zhejiang will be able to take out loans of up to RMB 500,000 ($78,900) in order to start a business, safe in the knowledge that if the business were to fail, the government will help pay back at least 80% of the loan, reports Reuters.

The generous plan, unveiled at a news conference hosted by China’s state planner on Thursday, underscores official concerns about job prospects for the country’s millions of graduates in a labor market that has tightened due to slowing economic growth.

If graduates’ startup businesses go sour, the government can help pay at least 80% of their loans and 100% if it is less than RMB 100,000, Chen Zhong, vice director at Zhejiang province’s Human Resources and Social Security Department, told reporters. College graduates can also enjoy a living allowance and housing subsidies from RMB 20,000 to RMB 400,000 if they work in Zhejiang, China’s fourth-biggest province by economic output.