SMIC shares close 202% up on STAR Market debut

Semiconductor Manufacturing International Corp, the biggest contract chip maker in the Chinese mainland, saw its shares' final closing surge 201.97 percent to close at 82.92 yuan ($11.85), on its first day of trading in Shanghai on Thursday.

SMIC shares' turnover reached 48 billion yuan with a total market value of 613.76 billion yuan throughout the day.

Semiconductor Manufacturing International Corp saw its shares surge 245 percent at the open on its first day of trading in Shanghai on Thursday.

In its listing on China's technology-focused STAR Market, SMIC issued 1,685,620,000 shares at 27.46 yuan per share, raising 46.28 billion yuan.

The fundraising figure is more than double the 20 billion yuan amount estimated in its prospectus, due to expected stronger demand from investors.

SMIC's shares were trading at 95 yuan at the open, a 245 percent rise, with its share sale being the Chinese mainland's biggest in a decade.

SMIC has successfully mass-produced a smartphone processor for Huawei Technologies Co, marking a breakthrough in the mainland's push to boost its chip-making industry.