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Chinese Chipmaker Semiconductor Manufacturing International to Raise $2.8 Billion Via Shanghai Listing

Chinese Chipmaker Semiconductor Manufacturing International to Raise $2.8 Billion Via Shanghai Listing

Semiconductor Manufacturing International Corp., China's biggest chipmaker, is aiming to raise $2.8 billion via a listing in Shanghai. In a prospectus made public this week, the chipmaker, which trades on the Hong Kong Exchange, said proceeds from the share sale will go to bankroll projects and shore up operating capital as tensions between the U.S. and China intensify. The company is anticipating increased business after the U.S. Department of Commerce in May expanded the Foreign Direct Product Rule to prevent Chinese smartphone maker Huawei from purchasing semiconductors from U.S. companies.