On the evening of May 5, SMIC announced that the company had submitted an application to the Shanghai Stock Exchange to raise no more than 1.686 billion shares to launch an IPO on the Science and Technology Innovation Board. Haitong Securities and CICC were their co-sponsors and underwriters respectively. It once rose more than 12% in early trading, but has now declined to HK$16.740, up more than 9.57%. The turnover reached HK$2.856 billion. What do you think about this?
$SMIC (00981.HK)$