By Yifan Wang
Hua Hong Semiconductor shares rose in their Shanghai debut on Monday, after the Chinese chipmaker raised close to $ 3 billion in the country's largest initial public offering so far this year. The stock has gained as much as 15% and was last up 3.9% at 54.00 yuan (US$ 7.53) a share. Hua Hong has sold 407.75 million shares at CNY52.00 each, raising a total CNY21.20 billion in gross proceeds, making the deal the biggest share-sale on the A-share market so far this year. The offering joined a host of Chinese chip makers that have gone public in recent months, as Beijing signals support for domestic semiconductor suppliers at a time of U.S.-China tech rivalry and geopolitical tensions. Hua Hong, which designs and manufactures specialty process wafers, plans to use the IPO proceeds to invest in a new fabrication plant in eastern China and to upgrade a production line. Write to Yifan Wang at yifan.wang@wsj.com