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China tech

SMIC makes biggest market debut in China in 10 years

Chipmaking rival to TSMC aims to beef up investment as trade tensions simmer

Contract chipmaker SMIC's market capitalization topped 600 million yuan after its shares listed on the Shanghai STAR market. (Source photos by Reuters and AP)

TAIPEI -- Semiconductor Manufacturing International Co., China's top contract chipmaker, became the country's most valuable domestically listed tech stock on Thursday after its shares surged on their first day of trading on the Shanghai STAR market, the Chinese version of Nasdaq.

When the opening bell rang at 9:30 a.m., shares of Beijing-backed SMIC began trading at 95 yuan, about 245% higher than its offering price of 27.46 yuan. It is the biggest share offering in mainland China in 10 years.

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