SMIC clinches equity combo in strong market

China’s largest chip maker raised $972.5 million in long-term working capital by placing a combination of common and convertible preference shares.

SMIC clinches equity combo in strong market

Hong Kong-listed Semiconductor Manufacturing International Corporation SMIC raised $972.5 million on Tuesday, taking advantage of buoyant regional stock markets to pull off a tightly priced transaction and one of the largest overnight equity deals in Asia this year.

The offering, which was structured as an equity combo comprising a HK$3.8 billion $491 million placement of new shares and a $481.5 million sale of convertible preference shares, came less than a...

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