22 January 2026 | 10:09AM HKT Equity Research Hua Hong (1347.HK): Raising TP to HK$134; Solid UT rate with product mix optimization and process node migrations; Buy We see a continuous uptrend for Hua Hong, supported by (1) structural growth opportunities driven by clients' increasing preference for local foundries and rising market share of Chinese fabless companies (i.e. Hua Hong's clients) in the global supply chain, (2) improving supply / demand of the semiconductor industry in China, and (3) capacity e ...