HHGrace : China’s No. 2 Foundry Company (Hua Hong Grace)

 


[Posting: April 21, 2025]

China’s second-largest foundry (arguably), HHGrace (Hua Hong Grace Semiconductor), has shown particular strength in legacy processes, especially in the 8-inch (200mm) segment for MCUs (NVM: eFlash). The company has also developed eFlash and BCD processes on 12-inch wafers at 90nm and 55nm nodes, establishing a diverse process portfolio for consumer, industrial, and automotive applications.

Primarily targeting the Chinese domestic market and supported by government subsidies, HHGrace enjoys strong wafer price competitiveness. The company is actively transferring its process capabilities from 8-inch to 12-inch production to meet rising local demand, focusing on aggressive FAB construction and technology development. While slower than SMIC in developing advanced nodes, HHGrace is firmly recognized for its technological strength in derivative processes. It plays a key role in China’s semiconductor ambitions and is committed to in-house process innovation.


🇨🇳 Chinese Foundry: HHGrace (Hua Hong Grace)

🏭 HHGrace Semiconductor 2024 Corporate Analysis Report

China’s Leader in Mature Node Foundry – A Complete Breakdown of HHGrace


1. 📌 Company Overview

ItemDetails
Company NameHHGrace (Hua Hong Grace Semiconductor)
Founded2003
HeadquartersShanghai, China
Core BusinessFoundry specializing in 8"/12" legacy nodes
Main CustomersAutomotive, Industrial, Consumer Electronics

2. 💰 FY 2024 Financial Performance

MetricValue
Annual Revenue$2.0 billion
Net Income$87.76 million
EBITDA$448.3 million
Total Assets$12.1 billion
Total Liabilities$2.2361 billion
EPS (Earnings/Share)$0.04
Gross Profit Margin21.3%



3. 🧪 Production Capacity & Utilization

Facility (Location)Wafer SizeMonthly OutputUtilization (Q1 2024)
FAB1~3 (Shanghai)8-inch178,000 wafers100%
FAB5~6 (Wuxi)12-inch95,000 wafers (expanding by +83,000)84%

4. 🧭 Process Nodes & Technology Portfolio

HHGrace specializes in legacy nodes, offering a range of differentiated process technologies:

NodeApplication FieldsNotes
130nmMCU, Analog, Power ManagementHigh reliability, Low power
110nmDisplay ICs, High Voltage AnalogTDDI and other display-related chips
90nmeFlash, Mixed-signalIndustrial memory
55nmHigh Voltage, BCD, CIS SensorsAutomotive power chips, image sensors

✅ While HHGrace lacks cutting-edge node competitiveness compared to TSMC and SMIC, it holds strong positions in high-value specialty processes.


5. 🧭 Technology Roadmap (2024–2026)

Key development areas:

  • Expansion of 12-inch BCD process (based on 55nm/90nm)

  • Optimization of embedded NVM (eNVM) for sub-90nm nodes

  • Enhanced HV analog/digital SoC processes

  • Preparation for SiC and GaN power semiconductors

High Voltage (HV) process for power semiconductors:

  • Strengthening lineup: IGBT, LDMOS, SJ-NFET

  • Expanding adoption in automotive electronics and industrial power converters


6. 🧩 Specialized Application Areas

SectorSpecific ApplicationsCore Technologies
AutomotivePower management, ECUs, sensorsBCD, IGBT, HV-LDMOS
IndustrialControl MCUs, sensors90nm eFlash, Analog
ConsumerDisplays, IoT110nm, 55nm BCD
Smart MeteringChipsets for metersHV processes, EEPROM

7. 👨‍💼 Employee Salaries & Benefits

  • Total Employees: ~4,000

  • Average Salary:

    • General engineers: RMB 150,000 ~ 300,000 (approx. KRW 30M–60M)

    • Senior R&D: RMB 350,000+

  • Benefits: Housing subsidies, family insurance, performance bonuses, in-house cafeteria, etc.


🔍 Final Summary

While HHGrace falls behind TSMC and SMIC in cutting-edge process competitiveness, it stands out in the specialty foundry sector for mature 8"/12" nodes. With strengths in 130nm to 55nm BCD, HV, and eFlash technologies, HHGrace is becoming a core supplier in the automotive and industrial semiconductor markets. Future growth is expected through 12-inch line expansion and increased investment in power semiconductor technologies.

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