Top China Chipmaker SMIC More than Triples in Shanghai Debut
Photographer: Qilai Shen/Bloomberg
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Semiconductor Manufacturing International Corp. surged more than 200% during its Shanghai debut following a stock offering that is set to be China’s largest in a decade.
The Shanghai-based chipmaker climbed to 82.92 yuan on its first day of trading in the Shanghai Stock Exchange’s STAR market after initially selling shares at 27.46 yuan apiece. SMIC will raise as much as 53.2 billion yuan ($7.6 billion) if it fully exercises a greenshoe option, which would make it the largest mainland stock sale since Agricultural Bank of China Ltd.’s 68.5 billion yuan Shanghai initial public offering in 2010.