Chinese chipmaker Hua Hong seeks up to $2.95 billion in mainland listing

Chinese chipmaker Hua Hong Semiconductor said on Sunday it aims to raise up to 21.2 billion yuan ($2.95 billion)in a listing on the Shanghai stock exchange.

The country’s second-largest chip foundry will sell 407.75 million shares priced at 52 yuan per share, it said in a statement to the exchange.

The IPO by the chipmaker is set to be the biggest mainland listing this year.

It comes as Chinese chipmakers rush to raise capital as Beijing seeks self-sufficiency in an escalating technology war with Washington.