Chinese chip foundry, Semiconductor Manufacturing Electronics Corporation (SMEC), obtained approval to go public in the Shanghai Stock Exchange’s STAR Market, on Nov. 25. According to the approval file, SMEC will release no more than 1.69 billion shares, with the goal of raising RMB 12.5 billion ($1.74 billion). However, its IPO still needs approval from the China Securities Regulatory Commission. The public shares should account for less than 25% but over 10% of the company’s total holdings. RMB 1.5 billion would be used in reforming projects for micro-electro-mechanical systems (MEMS), powering semiconductor devices, and module packaging. An additional RMB 6.66 billion will be invested in the second phase of the company’s wafer manufacturing project. Founded in 2018 in Shaoxing, Zhejiang province, the firm provides foundry service, which generates 90% of its revenue, according to Chinese media outlet Caixin. [Caixin, in Chinese]