Performance of IPO of Semiconductor Manufacturing International Corporation

Corporate Profile of Semiconductor Manufacturing International Corporation In less than four years, Semiconductor Manufacturing International Corp (SMIC) has become China's largest and the world's fifth-largest chip maker and it embodied the country's high-tech aspirations. Established in 2000, SMIC is headquartered in Shanghai. It has a strong Research and Development Team which is made up of experienced engineers from North America, Europe and Asia, and a network of leading international technology and manufacturing partners. Being an international …

…Journal of Economic Perspectives 4, 55-65. Teoh, S., Welch, I. & Wong, T., "Earnings management and the long-run market performance of initial public offerings", (1998) Journal of Finance 53, 1935-1974. Welch, I., "Sequential sales, learning, and cascades", (1992) Journal of Finance 47, 695-732. Yahoo Finance Hong Kong, access from http://hk.finance.yahoo.com Appendix The formula for calculating the initial return: (First-day closing market price - IPO price) x 100% IPO price Initial return of SMIC: (15.52 - 17.00) x 100% 17.00 = -8.7%