Illustration: Sarah Grillo/Axios

SMIC, China's largest chipmaker, raised $6.62 billion in an IPO on Shanghai's STAR Market, and saw its share price more than triple during its first day of trading. It will continue to be listed in Hong Kong.

  • Why it matters: This is the largest mainland China IPO since 2010, and makes SMIC the most valuable Shanghai-listed tech company with a market cap north of $84 billion.

The bottom line: "The share sale is an important moment for the company but also China’s broader ambition to grow its domestic semiconductor industry, a push that has been accelerated by the trade war between the U.S. and China," wrote Arjun Kharpal of CNBC.

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U.S. sanctions Hong Kong leader Carrie Lam

Photo: Anthony Kwan/Getty Images)

The Treasury Department on Friday placed sanctions on Hong Kong leader Carrie Lam, following months of tension as she has allowed continued overreach by Beijing to subvert Hong Kong's autonomy.

Why it matters: It's the toughest sanction yet imposed on China for its destruction of Hong Kong’s relatively free political system.

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 19,451,097 — Total deaths: 722,835 — Total recoveries — 11,788,665Map.
  2. U.S.: Total confirmed cases as of 2. p.m. ET: 4,968,413 — Total deaths: 161,858 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  4. Science: Indoor air is the next coronavirus frontline.
  5. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
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What's next for Lebanon after the Beirut explosion

Photo: Houssam Shbaro/Anadolu Agency via Getty Images

Beirut residents are still clearing rubble from streets that appear war-torn, days after a blast that shocked the country and horrified the world.

Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.