China’s biggest chipmaker Semiconductor Manufacturing International Corporation (SMIC) may not have leading edge technology but it has great timing. Beijing has urged its citizens to buy the local market — which is now at one-year highs. SMIC has targeted Rmb46bn ($6.55bn) for its Shanghai IPO. Not long ago it had hoped to bring in $2.8bn. Its Hong Kong-listed shares jumped 20 per cent Monday. But SMIC’s long-term prospects are not as inviting as the speculative fever suggests.
中國最大的芯片制造商中芯國際(SMIC)或許沒有前沿技術，但卻遇上大好時機。中國官方敦促國人投資本國股市——目前中國股市站在一年來高點。中芯國際在上海首次公開發行(IPO)的目標是籌集到460億元人民幣（合65.5億美元）。不久前，該公司的融資目標還是28億美元。其在香港上市的股票周一上漲了20%。但中芯國際的長期前景并不像這股“投機熱”所顯示的那般誘人。
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