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China Major Chipmaker-Backed Firm Set for Top Asia IPO This Year

  • SMIC-linked foundry seeks to raise $1.4 billion via listing
  • IPO comes as Beijing boosts efforts to fund tech race vs. US

A chip foundry backed by China’s top semiconductor firm is set to raise $1.4 billion in Asia’s biggest initial public offering so far this year, as Beijing ramps up efforts to finance its tech race against Washington.

Targeting proceeds of 9.63 billion yuan, Semiconductor Manufacturing Electronics Shaoxing Corp. is selling 1.69 billion shares at 5.69 yuan apiece on Shanghai’s Nasdaq-style STAR board, with subscriptions to begin Wednesday, according to a filing to the exchange.