SMIC is listed on the Hong Kong stock exchange but the move to also list in Shanghai represents a pivot away from a reliance on US capital during a time of US-Chinese trade friction. SMIC voluntarily de-listed from the New York stock exchange in 2019 (see Chinese foundry SMIC plans to delist from NYSE ).
SMIC itself is a key part of China's policy to reduce its trade deficit in semiconductors. A present its technical capablility is several generations behind the world's leading foundry Taiwan Semiconductor Manufacturing Co. Ltd. SMIC is starting production of 14nm FinFET silicon while TSMC is at starting with 5nm.
SMIC's share price went up after its board of directors approved the plan to float as many as 1.69 billion shares. The company would likely pour the money into R&D for process technology and wafer fabs.
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