25 August 2025 | 11:01AM HKT Hua Hong (1347.HK): Capacity expansion and ASP recovery on strong UT rates; 28nm as potential next driver; Neutral We are positive on Hua Hong's long-term potential, driven by the increasing local-for-local demand in China, the strong UT rate along with growing capacities, and its planned future migration from 40nm to 28nm. We expect the near-term drivers, including its continuous capacity expansion plans and ASP recovery supported by strong UT rates, to support the company's sh ...