SMIC bids to raise 20b yuan on STAR Market
Print Edition
Semiconductor Manufacturing International Corp, the biggest chipmaker on the Chinese mainland, plans to raise 20 billion yuan (US$2.86 billion) through a listing on Shanghai’s SSE STAR Market, the company said yesterday.
Proceeds will be focused on developing 14-nanometer chip, the mainland’s most advanced technology. SMIC’s listing and development are expected to boost the domestic semiconductor industry at a time when the United States has strengthened tech export controls toward China.
SMIC, now listed in Hong Kong, announced its initial pubic offering on the Shanghai STAR Market, according to its statement to the Hong Kong Stock Exchange.
Shanghai-based SMIC is expanding capacity in its latest 12-inch wafer plant in the city. Through the coming IPO and other fundraising, the plant’s registered capital will jump from US$3.5 billion to US$6.5 billion, SMIC had said previously.
SMIC makes chips for clients such as Huawei and other smart device makers. The chips are widely used in smartphones, TVs, cameras, home appliances, and in the auto industry.
China is the world’s largest importer of chips and needs companies like SMIC to develop and produce more of them.
SMIC jumped 2.86 percent to close at HK$18.70 (US$2.40) yesterday, compared with the 1.11-percent increase in the Hang Seng Index. SMIC has already surged 56.6 percent this year.
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