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Rapidus aims to manufacture cutting-edge chips in partnership with IBM and Belgium-based research organisation Imec.

The country is a leading provider of chipmaking tools and materials that lost its edge in manufacturing in recent decades and is now providing subsidies to chipmakers to build capacity.

Huawei is reportedly shipping new Chinese-made chips for surveillance cameras, indicating it is finding ways around US export controls.

Since the end of the Second World War, the US has been the 800-pound gorilla of the world economy – the largest in monetary terms, the largest producer, the largest innovator, the largest financial market. That dominance has been challenged in the last couple of decades, with the rise of China to become the world’s second-largest economy, the expansion of Taiwan’s semiconductor chip industry to global leadership, the ingenuity of South Korean tech firms – especially in AI, and the expansion of I

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.