Shares of Hua Hong Semiconductor Ltd. surged as much as 11.6% on Friday, hitting a new high, as fresh U.S. restrictions on chip exports to China fueled patriotic bets on the country's efforts to achieve technology self-reliance.

The U.S. ordered Taiwan Semiconductor Manufacturing Co. (TSMC) to halt shipments of advanced chips used in artificial intelligence applications to Chinese customers starting from Monday, according to a source familiar with the matter. The move is seen as part of the U.S. government's efforts to cut off China's access to critical technologies.

Analysts expect the U.S. to further strengthen curbs against China's tech advancement under Donald Trump's presidency, which is set to begin in 2025. This has fueled speculative bets on domestic Chinese chipmakers, as investors anticipate the country will accelerate its efforts to reduce reliance on foreign technology.