29 September 2025 | 1:23AM HKT Equity Research Hua Hong (1347.HK): Capacity expansion continues; Supportive policies enhance ecosystem We are positive on Hua Hong driven by its migration to 40nm/28nm technology and expanding capacity. China is building up a more comprehensive semiconductor ecosystem, with the support of government policies and subsidies. China's US$47bn IC industry investment fund phase three has started deployment, with a recent investment disclosed in an equipment company. Supported by th ...