China's Regulator Approves SMIC's Star Market IPO
The China Securities Regulatory Commission, the local market regulator, approved the initial public offering application of Semiconductor Manufacturing International Corporation (SMIC), the mainland's largest semiconductor foundry.
The company filed for an IPO on the Shanghai tech board -- the Star Market -- in late May, aiming to sell up to 1.69 billion shares. Now, the chipmaker is planning to raise CNY 20 Billion in the next few weeks.
This listing was somewhat forced by the global trade tensions, as China strives for semiconductor self-sufficiency.