The listing committee of China's Sci-Tech innovation board (STAR Market) today approved the IPO application of Semiconductor Manufacturing International Corporation (SMIC), the biggest chipmaker on the Chinese mainland.
SMIC announced listing plans on the STAR Market on May 5 this year, with the aim of issuing 1.686 billion shares.
Approximately 40% of the proceeds, net of expenses, will be used for its 12-inch chip SN1 project and the remaining proceeds will be used for reserve funds for advanced process development projects and to replenish liquidity.
Upon listing on the STAR Market, SMIC will be the first "A+H" listed red chip company, which is operating in China while being controlled by an entity registered overseas.
SMIC is headquartered in Shanghai, where it operates a 300mm wafer fab and a 200mm wafer fab, as well as a majority-owned 300mm advanced process wafer fab.
It has a 300mm wafer fab in Beijing and a majority-owned 300mm advanced process wafer fab in Beijing.
It also has two 200mm wafer fabs in Tianjin and two 200mm fabs in Shenzhen, and a majority-owned 300mm bump processing joint venture in Jiangyin.
