Semiconductor Manufacturing International Corp.’s stock has more than doubled over the past two months on an expected boost from China’s self-reliance push, even amid risks tied to competition and geopolitical tensions.
Shanghai-listed shares of China’s largest outsourced chipmaker are up 120% from a September low, trouncing global sector names including Nvidia Corp. and Taiwan Semiconductor Manufacturing Co. The mainland stock has outperformed SMIC’s Hong Kong shares by almost 50 percentage points, underscoring stronger demand from onshore Chinese investors.