Hong Kong-listed Chinese language chipmaker Semiconductor Manufacturing Worldwide Corp. (SMIC) stated Tuesday its board of administrators has permitted plans for an inventory on Shanghai’s Nasdaq-like high-tech STAR market, making it the newest Chinese language tech firm to “return” to mainland public capital markets for recent funds.
SMIC will look to problem not more than 1.69 billion shares on the STAR market, based on a filing to the Hong Kong Inventory Change.
About 40% of the capital raised shall be used to construct a brand new manufacturing plant for 12-inch chips, whereas almost 40% shall be used as extra working capital. The rest shall be allotted to reserves for the analysis and growth of superior applied sciences, the submitting stated.
The announcement of the itemizing plan, which nonetheless must be permitted by shareholders and Chinese language regulators, comes weeks after reviews that Huawei was shifting manufacturing of its in-house designed chips away from Taiwan Semiconductor Manufacturing Co. to Shanghai-based SMIC.
SMIC went public in Hong Kong and New York in March 2004. In Could final 12 months, the corporate utilized for voluntary delisting from the New York Inventory Change at a time when the Trump administration tightened crackdowns on Chinese language tech firms.
SMIC’s inventory was up 10.6% as of 11:50 a.m. on Wednesday.
Contact reporter Ding Yi (firstname.lastname@example.org)
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