(Reuters Breakingviews) - China's chip giant serves the purposes of both nationalists and economic reformers. Semiconductor Manufacturing International received a boost from state funds ahead of a planned debut on Shanghai's new STAR board. The firepower reinforces Beijing's push for tech self-sufficiency. SMIC's Cayman Islands structure will also test new listing rules.
A researcher plants a semiconductor on an interface board during a research work to design and develop a semiconductor product at Tsinghua Unigroup research centre in Beijing, China, February 29, 2016. REUTERS/Kim Kyung-Hoon
The $13 billion home-grown semiconductor champion is Beijing’s answer to Taiwan’s $260 billion TSMC. Like its larger rival, SMIC is a contract chipmaker for customers including Qualcomm and Huawei, the handset and telecoms equipment maker blacklisted by the United States on national security concerns. Yet SMIC is still years behind rivals technologically.
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