In Depth: China’s Chip Dreams Power SMIC’s Mega IPO

A new “technology cold war” between the U.S. and China has added fuel to a drive by Beijing for self-reliance in high-tech microchips that power many of today’s gadgets. Against that backdrop, a previously unknown player has suddenly become the talk of town as a key component for achieving Beijing’s semiconductor dreams.

Shares of Semiconductor Manufacturing International Corp. (SMIC) are set to make their trading debut on Shanghai’s Nasdaq-style STAR Market on Thursday, in what’s likely to become the country’s biggest IPO in a decade. Regulators approved the listing with lightning speed, giving it the go-ahead within just 18 days of receiving the application — a record for a process that usually takes months.