"Hua Hong's Shanghai Debut Sees 13% Surge in Chip Foundry Shares"
Shares of Hua Hong, China's second-largest chip foundry, jumped 13% during its market debut on the Shanghai Stock Exchange's Star Market. However, the gains were quickly given up, and the shares were trading lower in the afternoon. Hua Hong raised 21.2 billion yuan ($2.95 billion) in its IPO, making it the largest IPO in mainland China this year. The company produces semiconductors used in various industries and aims to ramp up on advanced chip technology as China seeks self-reliance in the face of US efforts to restrict access to advanced chip tech.