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China Chipmaker’s $3 Billion Listing a Hedge Against U.S. Curbs

  • SMIC’s Hong Kong stock soars most since 2017 on the move
  • The foundry is upgrading technology in the face of U.S. curbs
A 12-inch wafer is displayed at the headquarters of Semiconductor Manufacturing International Corp. (SMIC) in Shanghai.

Photographer: Qilai Shen/Bloomberg

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Semiconductor Manufacturing International Corp. is planning a Shanghai share sale that could fetch billions of dollars for a Chinese chipmaker Beijing’s counting on to help reduce reliance on U.S. technology.

The Hong Kong-listed company known as SMIC surged 11%, the most in more than two years, after its board approved plans to float as many as 1.69 billion new shares on a Shanghai market created to host fast-growing enterprises. It could end up raising more than $3 billion based on its closing value of more than $11 billion.