BUZZ-Hong Kong shares of China's Hua Hong jump on plan to buy wafer foundry

Reuters01-02
BUZZ-Hong Kong shares of China's Hua Hong jump on plan to buy wafer foundry

** Hong Kong shares of Hua Hong Semiconductor 1347.HK jump 12.8% to HK$83.8, their highest since Nov 20

** Stock on track for biggest one-day pct gain since Oct 24; top pct gainer in Hang Seng TECH Index .HSTECH, which is up 3.4%

** The Chinese chip maker 688347.SS plans to buy 97.5% stake in a wafer foundry for 8.3 bln yuan ($1.19 bln) in a deal to be settled by issue of new shares

** Hua Hong expects the deal will further enhance its 12-inch wafer foundry capacity

** The chip maker also plans to raise 7.6 bln yuan in a private share placement to fund projects, boost capital and repay debts

** In 2025, Hong Kong stock up 243.2%, Shanghai-listed shares 688347.SS up 132.1%

($1 = 6.9931 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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