Nexchip Semiconductor Corp jumped as much as 14 percent on Friday after raising $891 million in a share sale, showing the appetite for Chinese chipmakers after a deluge of offerings in the artificial intelligence industry.

The Hefei-based wafer foundry sold 216.2 million shares at HK$32.30 apiece, the maximum offer price. The pricing represents a 57 percent discount from the closing price of 65.21 yuan for its Shanghai-listed stock on Thursday. The onshore stock dropped as much as 12 percent on Friday.

Hong Kong equity fundraising has been booming this year, driven by a wave of Chinese technology companies selling shares. First-time offerings have raised more than $30 billion so far in 2026, nearing the 2025 total of $36.8 billion, which was a four-year high, data compiled by Bloomberg show.

The Nexchip deal is among the 10 largest first-time offerings in Hong Kong so far this year.

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Founded in 2015, Nexchip has grown to become China’s third-largest pure-play foundry by revenue, trailing industry giants such as SMIC and Hua Hong in the domestic market and the ninth-largest globally.

The company specializes in manufacturing chips designed by third parties rather than developing its own semiconductors, and focuses on mature-node manufacturing, with foundry services spanning process technologies from 150 nanometers to 40 nanometers.

Proceeds from the listing will primarily fund technology upgrades. More than half has been earmarked for research and development and the optimization of a next-generation 22nm platform, while roughly a quarter will be invested in AI-enabled research and manufacturing initiatives.

The company also plans to establish an R&D and sales center in Hong Kong.