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.