ASIC chips sit at the heart of crypto mining hardware (Image: Shutterstock)
Create an account to save your articles.
In brief
Chinese chip manufactuer SMIC has filed to list on the Shanghai Stock Exchange’s tech-focused STAR market, with a plan to raise 20 billion RMB ($2.86 billion) through its share offering.
Its listing is part of a broader Chinese effort to compete with Taiwan Semiconductor Manufacturing Company (TSMC) in technology.
SMIC has also announced plans to collaborate with Chinese computer manufacturer Canaan to build crypto mining hardware, a first for the company.
China’s largest semiconductor fabrication company, Semiconductor Manufacturing International Corporation (SMIC), is planning to raise $2.8 billion in capital via a listing on Shanghai’s tech-focused STAR Market.
SMIC will use its newly-acquired capital to start a production line offering 14nm chips, the standard for processors used in smartphones and crypto miners; the company is partnering with Chinese computer manufacturer Canaan to manufacture a yet-to-be disclosed crypto miner, per Canaan’s first-quarter earnings call earlier this month.
SMIC's listing status on the Shanghai Stock Exchange's website (Source: Shanghai Stock Exchange)
SMIC takes on Taiwan
SMIC’s plan to upgrade its production capabilities is part of a bid to offer China’s electronics sector a viable alternative to Taiwan Semiconductor Manufacturing Company (TSMC). It follows the news that TSMC has cut off Chinese tech multinational Huawei, as a result of US sanctions.
Although TSMC is a Taiwanese company, the majority of its manufacturing equipment is US-made, meaning that it needs to comply with US sanctions and export controls. Guangzhou-based GF Securities has published research showing that US firms control 50% of the core process equipment market for Chinese fabs.
Beijing has long anticipated that trade tensions would disrupt the tech supply chain and has accelerated efforts to become self-reliant and autonomous; the STAR market, akin to the US’ NASDAQ, was launched in July 2019 as a platform to raise capital towards China’s efforts to achieve tech autonomy.
Could US sanctions affect crypto mining hardware?
Unlike Huawei, the crypto mining industry is not a target for US tech sanctions. However, broad sanctions against Chinese firms could hinder their ability to get critical Application Specific Integrated Circuit (ASICs) required for miners.
And SMIC’s technology currently lags behind that of other chip foundries. TSMC is already working on developing a 5nm process node, while Samsung has announced that its facilities will be ready to produce 8nm chips in the near future.
This story was produced in collaboration with our friends at Forkast, a content platform focused on emerging technology at the intersection of business, economy, and politics, from Asia to the world.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
North Korean hackers are luring crypto professionals into elaborate fake job interviews designed to steal their data and deploy sophisticated malware on their devices.
A new Python-based remote access trojan called "PylangGhost," links malware to a North Korean-affiliated hacking collective called "Famous Chollima," also known as "Wagemole,” threat intelligence research firm Cisco Talos reported on Wednesday.
"Based on the advertised positions, it is clear that the Famous Chollima is broadly tar...
A previously unreported data breach has exposed more than 16 billion login credentials, making it one of the largest compilations of stolen personal data ever discovered.
First reported by Cybernews, the trove of data includes credentials for widely used services, including Facebook, Google, Telegram, and GitHub, as well as access to corporate, developer, and government websites.
Researchers from Cybernews said the information likely comes from a mix of infostealer malware logs, credential stuff...
Quantum computers weren’t expected to pose a threat to Bitcoin’s security anytime soon. But IBM has launched a project that could expedite the timeline: the world’s first fault-tolerant quantum computer, set to debut by 2029.
Despite their ability to calculate in multiple directions simultaneously, current-generation quantum computers have high error rates. Without fault tolerance, and the ability to detect and correct errors as they happen, quantum computers can’t run complex algorithms that wo...