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Yahoo BusinessJul 06, 2020
Chipmaker SMIC Eyes China's Biggest Share Sale in a Decade
(Bloomberg) -- Semiconductor Manufacturing International Corp. is preparing to raise as much as $7.5 billion via mainland China's largest stock sale in a decade, a big cash infusion for a chipmaker Beijing's counting on to reduce reliance on American technology.China's top homegrown chipmaker could sell as much as 53.2 billion yuan of shares, according to a Sunday filing with the Shanghai Stock Exchange. In May, analysts estimated a Shanghai listing could fetch somewhere in the $3 billion range. The offering would be the largest since Agricultural Bank of China Ltd.'s 68.5 billion yuan initial public offering in 2010. SMIC's Hong Kong stock jumped 21% to a record Monday, racking up its biggest gain since 2009 after mainland bourses surged.China's biggest contract manufacturer of chipsets represents a major piece of Beijing's vision to create a self-reliant and world-class semiconductor industry, particularly as Washington tightens restrictions on sales of silicon and software to the nation. SMIC plans to use the stock-sale proceeds to develop next-generation chipmaking to try and compete with Intel Corp. and Taiwan Semiconductor Manufacturing Co. Like TSMC, SMIC is a so-called foundry that helps fabricate chips based on other companies' designs, and could prove key to Huawei Technologies Co. if Washington follows through on threats to choke off its pivotal semiconductor business.What Bloomberg Intelligence SaysSMIC benefits the most from China's push for self sufficiency in semiconductor supply. Rising research expenses

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Google Business NewsJul 05, 2020
Hong Kong national security law may spook socially conscious investors, sparking outflows - CNBC
Hong Kong national security law may spook socially conscious investors, sparking outflows  CNBCHong Kong Security Law Redraws Lines, Making Some Ideas Dangerous  The New York TimesAt UN Human Rights Council, 53 countries back China's draconian Hong Kong crackdown  Fox NewsTo send a message to China, President Trump should visit Taiwan  USA TODAY
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