Chipmaker delays IPO
1 August 2003
Semiconductor
Manufacturing Interna-tional of Shanghai has delayed until next year its planned initial
public offering.
Bloomberg said that the postponement, when the shares of other
Asian chipmakers have soared this year. may indicate the difficulty China faces in building
a semiconductor industry from scratch, even though it has received tax breaks and other
government incentives. It may also indicate that Semiconductor Manufacturing, which
makes computer chips for Infineon Technologies and Toshiba, is finding it difficult to
compete with larger chipmakers based in Taiwan, which supply made-to-order
chips.