China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

China's approval of SMIC is seen as part of a longer strategy to buck the economic downturn of Coronavirus and economic sanctions.

  • One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the Shanghai Stock Exchange (SSE).
  • The stock exchange approved the IPO in a document shared by the manufacturer hence increasing the overall competition in the Bitcoin mining firmware chipmaker industry.

According to a document shared on June 1, Semiconductor Manufacturing International Corporation (SMIC), a Hong Kong Exchange (HKEX) listed company, will raise $2.8 billion in an IPO following a successful vetting by the SSE. The amount raised will be partially focused on creating and improving their 14 nm crypto mining chips after the recent partnership with Canaan Creatives.

SMIC partnership with Canaan Creatives will, however, produce other smaller cryptocurrency miners rather than Bitcoin due to the cost and technical challenges involved in the top crypto miners. For example, TSMC announced the launch of a $12 billion dollar plant in the state of Arizona in the U.S. in its plans for global adoption last month.

The Chinese computer chip maker aims at improving its computer chip designs to compete with global competitors – Samsung and Taiwan Semiconductor Manufacturing Company (TSMC). The former has been rumored to work with Bitcoin mining firms. Whatsminer and MicroBT. with the latter working with Bitmain to produce Bitcoin mining chips.

The latest $2.8 billion public offering adds to the latest $2.2 billion private funding from China’s largest investment firms, National Integrated Circuit Industry Investment Fund II and Shanghai Integrated Circuit Industry Investment Fund II.

After a slow start to the quarter due to the Coronavirus and halving uncertainty, Bitcoin mining and its price are back on a bullish trend in China, as reported by BEG. The latest move by the largest computer chip maker in China will enable the country to fight off sanctions levied by the United States that has made it harder for the top chip makers to import to the country.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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