SMIC's Shares Fall in New York During First Day

The US$1.8 billion share offer is the third-largest in the world so far this year, after IPOs from Shinsei Bank Ltd. of Japan and insurer Assurant Inc. of the U.S. SMIC's shares priced at HK$2.72 (35 U.S. cents) apiece, the upper end of an indicative range that had a floor of HK$2.41. SMIC'...

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Bibliographic Details
Published inThe Wall Street journal Asia
Main Author Julie Wang and Jeff Meyer
Format Newspaper Article
LanguageEnglish
Published Victoria, Hong Kong Dow Jones & Company Inc 18.03.2004
Subjects
Initial public offerings
Stockholders
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Summary:The US$1.8 billion share offer is the third-largest in the world so far this year, after IPOs from Shinsei Bank Ltd. of Japan and insurer Assurant Inc. of the U.S. SMIC's shares priced at HK$2.72 (35 U.S. cents) apiece, the upper end of an indicative range that had a floor of HK$2.41. SMIC's American depositary receipts were trading at $15.95 each on the New York Stock Exchange Wednesday morning, down 8.9% from the $17.50 price set on the IPO last week. The company is due to list in Hong Kong today. About 59% of the IPO stock comprises new shares issued by SMIC, allowing the company to raise US$1.06 billion, while 41% comes from existing shareholders, who will receive nearly US$740 million.
ISSN:0377-9920