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SMIC shares surge in Shanghai debut after $6.6 bln offering

Credit: REUTERS/Aly Song

Semiconductor Manufacturing International Corp (SMIC), China's biggest chipmaker, opened at 95 yuan on its Shanghai market debut, 246% higher than its offer price of 27.46 yuan.

SHANGHAI, July 16 (Reuters) - Semiconductor Manufacturing International Corp (SMIC), China's biggest chipmaker, opened at 95 yuan on its Shanghai market debut, 246% higher than its offer price of 27.46 yuan.

SMIC 688981.SS has said it plans to use the $6.6 billion raised in its share sale ahead of Thursday's listing to build plants and replenish operating capital.

The Shanghai-based company has been bulking up its war chest amid broader tech-related tensions between the United States and China. Its debut on Shanghai's Nasdaq-style STAR Market is being closely watched as a barometer of investor enthusiasm for chipmaker companies amid rising volatility.

SMIC's Hong Kong-listed shares 0981.HK fell around 10% in early morning in volatile trade.

(Reporting by Samuel Shen and Josh Horwitz; Editing by Jane Wardell)

((samuel.shen@thomsonreuters.com; +86 21 20830018; Reuters Messaging: samuel.shen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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