SMIC listing seeks billions to fund chip autonomy push

China aims to have domestically made chips satisfy 70% of its demand under the "Made in China 2025" initiative, designed to promote its high-tech industries. Chinese chipmakers have received $20.5 billion so far this year, with state-backed funds helping to boost domestic output. China is set for its biggest stock sale in a decade when homegrown chipmaker Semiconductor Manufacturing International (SMIC) debuts on Shanghai’s Nasdaq-style STAR Market at the end of this month.

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