HK-listed · Foundry · China's #2 (mature nodes)
Hua Hong Semiconductor
China’s #2 pure-play foundry (Shanghai), specialized in mature nodes (90-350nm; subsidiary Huali at 28/22nm) for auto, industrial and consumer. 2025 revenue $2.4B (+20%), the world’s #6 foundry (2.6% share). Expanding via the Huali acquisition; Beijing subsidies favor mature nodes. The US ordered an equipment-supply halt in 2026.
1347.HK Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Hua Hong Semiconductor is directly linked to 4 companies (4 supply, 0 revenue relationships) and reaches 8 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue $2.4B (+20%)
- Customer concentration · China’s #2 foundry; mature/specialty focus.
- Segments · Mature-node foundry · Specialty (BCD/power) · Huali (28/22nm)
Revenue from
- China fabless · automotive electronics · analog (mature nodes) High confidence· Revenue ~$2.4B · 2025 · 2025 revenue (+20%)
Mature-node and specialty foundry for auto/industrial/consumer.Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong - Power · BCD · MCU (specialty process) Medium confidence
Power, BCD and MCU specialty processes.
Pays to
- Naura Technology Medium confidence
Sources etch/deposition tools from Naura. - ASML Medium confidence
Mature-node lithography depends on ASML DUV (193nm immersion) — EUV is banned for China, DUV needs a 2023 Dutch dual-use license, and the April 2026 MATCH Act specifically targets Hua Hong (including service/support). This upstream dependence caps advancement and expansion. - AMEC Medium confidence
Sources CCP/ICP etch tools from AMEC. - ACM Research Medium confidence
Sources wafer-cleaning tools from ACM Research.Confirms EN SemiAnalysis Published Jan 1, 2026: ACM Research wins at SK Hynix and Intel (China top equipment) - materials · wafers (undisclosed) Low confidence
Wafers, materials and gases.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hua Hong Semiconductor | node | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| ACM Research | benef1 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +161.1 |
| AMEC | benef1 | -22.7 | -11.6 | +8.9 | +58.3 | +93.5 | +86.3 |
| Naura Technology | benef1 | +41.3 | -17.2 | -2.6 | +65.9 | +70.6 | +68.7 |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
YTD as of 2026-07-10 · source: Yahoo Finance
Hua Hong's thesis is capturing localization demand in mature nodes and specialty processes, not leading edge. Specialized in 90-350nm mature nodes and power/BCD/MCU specialty processes, it is supported by Beijing subsidies and Chinese auto/industrial import-substitution demand — 2025 revenue $2.4bn (+20%). It routes capacity expansion to domestic tools (Naura, AMEC, ACM) to skirt sanctions, but ASML lithography dependence and a U.S. 2026 equipment-supply cutoff are the bottleneck to advanced nodes and expansion. Watch how fast domestic tools extend mature-node coverage. Graph propagation: Chinese fabless mature-node outsourcing pulls revenue, with Naura, AMEC and ACM as the upstream domestic supply chain.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target HK$199 · Price HK$185.5 (07-10) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Allen Chang | Buy | HK$333 | Jul 2, 2026 | Report ↗ |
| Morgan Stanley | Equal-weight | HK$118 | May 28, 2026 | Report ↗ |
| CICC | Buy | HK$146 | May 20, 2026 | Report ↗ |
Goldman Sachs stays ultra-bullish at HK$333 on mature-node utilization recovery and AI spillover demand, while Morgan Stanley and DBS remain on Hold citing stretched valuation after the rally.
Analyses covering this node
- Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026