China is investing billions in chipmaking to close the gap with its global rivals

Hong Kong (CNN Business)China’s largest semiconductor maker could raise as much as $7.5 billion this year by listing its stock in Shanghai — a move that could deliver the Chinese mainland its largest share sale in a decade, and reduce the country’s reliance on foreign chips.

Semiconductor Manufacturing International Corporation (SMIC), which already trades in Hong Kong, said in a stock exchange filing last week that it wants to raise at least $6.6 billion. The bigger number would be hit if the company exercises an “over-allotment option” and issues additional shares in response to strong demand from investors.

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