China foundry Hua Hong reports 79% drop in net profit on lower chip prices

Shanghai company commits to investment to lift capacity

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An exhibition booth showcases the Huahong group's innovations. (Photo by Shunsuke Tabeta)

SHUNSUKE TABETA

BEIJING -- Major Chinese foundry Hua Hong Semiconductor logged a $58 million net profit for 2024, a 79% plunge from a year earlier, weighed down by weaker prices as well as higher depreciation costs.

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