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One of the largest semiconductor manufacturers in China, SMIC has announced plans to raise USD 2.8 billion in a public sale (IPO) on the Sci-Tech Board of the Shanghai Stock Exchange (SSE).

The Shanghai Stock Exchange approved the IPO and this will increase the overall competition in the Bitcoin mining firmware chipmaker industry.

SMIC is already listed in Hong Kong is looking to push China’s broader focus for self-reliance when it comes to semiconductors, a field in which the world’s second-largest economy (China) is seen as lagging far behind the U.S.

If the IPO is a success the money raised will be focused on creating and improving their 14 nm crypto mining chips after the recent partnership with Canaan Creatives.

This venture is more complex than it may seem at a first glance. The USD 2.8 billion public offering adds to the USD 2.2 billion private funding from China’s largest investment firms, National Integrated Circuit Industry Investment Fund II and Shanghai Integrated Circuit Industry Investment Fund II.