Monday, 2024 March 4

CHINA BRIEF | Chinese largest chipmaker SMIC to debut on STAR board this Thursday

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.  

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).
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