China's Largest Semiconductor SMIC Triples on First Day of Shanghai Stock Exchange Listing

[Asia Economy Reporter Park Sun-mi] SMIC, China's largest foundry (semiconductor contract manufacturing) company, is showing remarkable performance on its first day of listing on the Shanghai Stock Exchange on the 16th, with its stock price rising more than three times the initial public offering (IPO) price.

According to the Hong Kong South China Morning Post (SCMP) on the 16th, SMIC started trading at 95 yuan on the STAR Market, the technology and venture enterprise board of the Shanghai Stock Exchange, exceeding three times its IPO price of 27.46 yuan. The stock price increase rate reached 246%. Throughout the morning session after trading began, the stock maintained a level around 85 yuan, which is 210% higher than the IPO price.

The funds raised by SMIC through this Shanghai Stock Exchange listing amount to a total of 53 billion yuan (approximately 9 trillion won). This is the largest initial public offering (IPO) recorded since the Agricultural Bank of China raised 68.7 billion yuan through its listing in July 2010.

Amid the US-China trade war and technology conflict atmosphere, SMIC voluntarily delisted from the Nasdaq on the New York Stock Exchange in May last year and has been pursuing this Shanghai Stock Exchange listing. Currently, SMIC is traded only on the Hong Kong and Shanghai markets.

As SMIC symbolizes China's semiconductor rise, the successful listing and fundraising on the Shanghai Stock Exchange are expected to support China's goal of raising semiconductor self-sufficiency to 70% by 2025.

This content was produced with the assistance of AI translation services.