Hua Hong Semiconductor Ltd. has received a green light for its RMB 18 billion ($2.6 billion) second listing on Shanghai’s Star board, potentially the biggest in China this year, reports Bloomberg.
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.
Giving semiconductor technology companies access to public markets aligns with China’s plans to support the sector, countering a US-led campaign to block access to cutting-edge technologies. The US has blacklisted several of China’s most advanced companies and research institutes in diverse fields from chips and supercomputing to cloud and data mining.