SMIC Shares Surge 246% on STAR Market Debut Day

Updated:2020/7/16 23:07

Today, the most anticipated chip giant Semiconductor Manufacturing International Corp (SMIC) got listed on sci-tech innovation board and saw its shares surge 246 percent at the open on its first day, with total market value achieving 678 billion yuan.

Got approved in 19 days and registered successfully in 29 days, SMIC constantly broke the records of STAR Market IPO. The announcement shows SMIC issued at 27.46 yuan per share on Science and Technology Innovation Board, subscribed by 29 institutions with $24.261 billion as total. If the over allotment option is fully exercised, SMIC is expected to raise a total of 53.2 billion yuan, which would create a new record of the amount raised on STAR Market Board.

About 40% of the funds raised will be used to invest in the 12-inch CHIP SN1 project, about 20% will be used as reserve funds for the company's advanced and mature process research and development projects, and remaining 40% will be used as a supplement to circulating fund, said SMIC.

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