Semiconductor Manufacturing International Corp (SMIC), China’s biggest chipmaker, opened at 95 yuan on its Shanghai market debut, 246% higher than its offer price of 27.46 yuan.
SMIC has said it plans to use the $6.6 billion raised in its share sale ahead of Thursday’s listing to build plants and replenish operating capital.
The Shanghai-based company has been bulking up its war chest amid broader tech-related tensions between the United States and China. Its debut on Shanghai‘s Nasdaq-style STAR Market is being closely watched as a barometer of investor enthusiasm for chipmaker companies amid rising volatility.
SMIC‘s Hong Kong-listed shares fell around 10% in early morning in volatile trade.