On May 21, SMIC (00981.HK) rose 4.32% in regular trading, trading at HK$78.95 per share with turnover of approximately HK$1.946 billion, extending gains from the prior session.

The rally continues momentum built on multiple catalysts. Citi upgraded SMIC to Buy with a target price of HK$90, citing improved fundamentals. Meanwhile, domestic storage chip giants are advancing toward A-share listings — Yangtze Memory initiated IPO guidance on May 19, while ChangXin Technology updated its prospectus showing Q1 revenue of 508 billion yuan (up 719% YoY) and net profit of 24.76 billion yuan, a dramatic swing from losses a year earlier.

SMIC serves as a key foundry partner for both companies, particularly in logic wafer manufacturing for advanced DRAM through its Chip-on-Base-Architecture collaboration with ChangXin. Analysts note the semiconductor sector is supported by wafer fab expansion cycles and robust AI-driven demand for advanced packaging, positioning SMIC as a core beneficiary of China's semiconductor localization trend.

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