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China tech

Chipmaker SMIC touts benefits of $6.5bn China share listing plan

Beijing keen on biggest offering on tech STAR Market amid tension with US

A successful offering would give SMIC, China's top contract chipmaker, a market capitalization similar to BYD and SAIC Motor -- the country's two biggest automakers.    © Reuters

TAIPEI -- Semiconductor Manufacturing International Co.'s planned 46.3 billion yuan ($6.55 billion) share offering in Shanghai will help the Chinese chipmaker grasp a "precious opportunity" in the domestic semiconductor market, the world's largest, its chairman said on Monday.

SMIC's intention to list up to 25% of its shares on Shanghai's STAR market would make it the biggest equity offering in mainland China in a decade. It will help the contract chipmaker's investment firepower as it tries to step up competition with rivals including including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics.

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