SMIC, the giant Chinese chipmaker that is returning home to list on Shanghai’s Star board, valued at $31 billion on Wednesday and is set to become one of the China’s top 50 most valuable public companies after the listing and the biggest IPO on the Chinese mainland in a decade, reported the Financial Times.
SMIC has already sold roughly half its placement to institutions, raising RMB 53.2 billion ($7.6 billion).
A senior official at the Shanghai stock exchange noted that the government plans to use its domestic capital markets to raise money towards China’s goal of technological self-sufficiency. “SMIC is benefiting from US-China tensions,” the official said, adding: “We hope to compete with Nasdaq for Chinese tech companies.”
As well as China’s government funds, Singapore’s sovereign wealth fund and the Abu Dhabi Investment Authority are among the institutions backing the IPO.
You must log in to post a comment.