SMIC Wall Street debut short of expectations

The Wall Street debut of Semiconductor Manufacturing International (SMIC) saw shares close down 8.7% to US$15.52. Analysts said Shanghai-based SMIC's lackluster debut suffered from the complaint filed by the US government against China via the World Trade Organization (WTO), which centered on a mainland semiconductor tax. SMIC raised US$1.8 billion from its global initial public offering previous to its New York listing. The company also refiled its offering documents after its chief financial officer contradicted information in its initial filing with the US Securities and Exchange Commission.