China's Third-Largest Chip Foundry Nexchip Files for Hong Kong IPO Amid Beijing's Semiconductor Push

Nexchip Semiconductor, China's third-largest chip foundry, has filed for a listing on the Hong Kong Stock Exchange, joining a wave of Chinese semiconductor companies turning to Hong Kong's capital markets as Beijing accelerates its push to build a domestic chip supply chain capable of withstanding American export controls, The Next Web reported Wednesday. The Hefei-based foundry trails only SMIC and Hua Hong in Chinese chip production scale. Its listing would give investors direct exposure to China's state-backed effort to develop indigenous semiconductor manufacturing capacity -- a strategic priority that has intensified since the United States began restricting exports of advanced chips and chip-making equipment to Chinese companies. Chinese chip companies have increasingly favored Hong Kong for capital raises, viewing the city as accessible to international investors while remaining within a Chinese regulatory framework. Several other domestic semiconductor firms have pursued or completed Hong Kong listings in recent quarters. Nexchip focuses on mature-node chips -- semiconductors that are not at the bleeding edge of miniaturization but are essential for automotive, industrial, and consumer electronics applications. Mature nodes are not subject to the same U.S. export restrictions as advanced nodes, giving Chinese foundries more room to operate and invest. The filing comes as South Korean chip exports hit a record $32.83 billion in March, reflecting the broader surge in global semiconductor demand driven by AI infrastructure investment. China's foundry expansion is partly a response to that same demand cycle, with Beijing unwilling to remain dependent on foreign suppliers for chips it considers strategically critical. The Next Web reported the Nexchip filing on April 1, 2026.