Hua Hong Semiconductor's stock soared 8.11% during intraday trading on Friday, continuing its recovery from recent declines.

The surge is driven by a broad recovery in the semiconductor sector, which has been rebounding after a sharp sell-off in US chip stocks earlier this month. The sector has been staging a multi-day recovery following a plunge on June 8.

Fundamentally, Hua Hong reported strong first-quarter results with revenue up 22.2% year-over-year and gross margin improving by 3.8 percentage points. Growth in MCU, standalone flash memory, and BCD process products has provided support for the stock's oversold recovery. The company is the world's sixth-largest and mainland China's second-largest foundry, specializing in mature-node specialty processes.