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Dual listing for SMIC scheduled
By Bai Jia (China Daily)
Updated: 2004-02-25 11:11

Shanghai-based Semiconductor Manufacturing International Corp (SMIC), which runs the most advanced semiconductor lines in China, will make initial public offerings (IPOs) in March in Hong Kong and New York.

The company said on February 23 in a filing to the US Securities and Exchange Commission that it planned to sell more than US$56 million depository shares, or 2.8 billion ordinary shares, on the New York Stock Exchange on or around March 17 according to US time zones. Its IPO prices will be between US$15.50 and US$17.50.

SMIC will also issue over 227 million ordinary shares on the Hong Kong Stock Exchange on March 18 at a price range between HK$2.41 (31 US cents) and HK$2.72 (35 US cents).

China's biggest semiconductor maker is expected to raise as much as US$1.5 billion in net proceeds from the dual listings, including US$980 million from the issuance of American depository shares.

The Shanghai-based company said in a prospectus that it will use US$403 million worth of net proceeds for the construction of its 12-inch fabs in Beijing.

About US$557 million will be used toward the expansion and upgrading of its facilities in Shanghai and Tianjin. Some SMIC shareholders will also sell more than 30 million US depository shares.

US giant Motorola, which owns 11.4 per cent of SMIC stakes after selling its Tianjin plant to SMIC, will reduce its ownership to 7 per cent.

Shanghai Industrial Holdings Limited, backed by the Shanghai municipal government, remains the biggest shareholder for the semiconductor maker, although its ownership will be reduced from 12 per cent to 10 per cent after the IPO.

Vincent Leung, an analyst with Hong Kong-based East Asia Securities, said the growth prospects for China's semiconductor industry and SMIC's China concept will be two big selling points for investors.

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