SHANGHAI (Reuters) – China’s biggest chipmaker SMIC is set to follow its staggering $6.6 billion share sale with its Shanghai market debut on Thursday, just as Sino-U.S. tension widens the chasm it wants to cross to reach global leader TSMC, industry insiders said.
FILE PHOTO: A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song/File Photo
Semiconductor Manufacturing International Corp (SMIC) (0981.HK) has found itself in the slipstream of a government drive to develop an independent chip industry. Its Hong Kong stock price has surged three-fold since March as investors bought into sentiment accompanying its listing plans.
Its second-biggest shareholder, the state-backed China Integrated Circuit Industry Investor Fund, signed up as the largest strategic investor of the offering which, by Monday