Caixin (July 17) reported that shares of China’s leading contract computer chipmaker Semiconductor Manufacturing International Corp. (SMIC) more than tripled from their offering price in their Shanghai trading debut on July 16,  as investors raced to buy into the mainland’s largest new listing in a decade. It said investors are betting that SMIC will become one of the biggest beneficiaries of Beijing’s recent drive to make China more self-sufficient in the high-tech chips that power most electronic devices. That drive has taken on extra urgency over the past two years following moves by the Trump administration to cut off supplies of U.S-made chips to leading Chinese telecom equipment makers ZTE and Huawei. SMIC shares opened at 95 yuan ($13.59) on their first trading on Shanghai’s year-old STAR Market, representing a 246% gain from the listing price of 27.46 yuan.

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