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 …showed first 75 words of 3812 total…

…showed last 75 words of 3812 total…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%