Shanghai-based chipmaker Semiconductor Manufacturing International Corporation (SMIC) (HKG: 0981) will debut on the Nasdaq-style technology-focused STAR board of the Shanghai Stock Exchange (SSE) on Thursday under the ticker “688981” at a price of RMB 27.46 (USD 3.9), according to the firm’s filing today.
SMIC’s IPO in the mainland stock market turns out to be the biggest in a decade raising as much as USD 7.6 billion. The initial offer was reportedly 566 times oversubscribed. Its Hong Kong-listed stock has more than tripled from the March lows to a fresh high of HKD 42 (USD 5.42) earlier this week.
The homegrown chipmaker rised to stardom amidst the “tech cold war” with Washington, which forces China to build a more self-reliable semiconductor industry. As part of the “Made in China 2025” plan, the country aims to produce 70% of all semiconductors it uses by 2025.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.
