Semiconductor Manufacturing International Corp becomes China's most valuable listed firm

Semiconductor Manufacturing International Corp (SMIC) has surpassed Kweichow Moutai in market capitalization, marking a significant shift in China's equity market composition toward strategic technology sectors. This valuation surge reflects investor confidence in domestic chip self-sufficiency amid ongoing US-led export controls. It remains uncertain whether this valuation is sustainable given the high capital expenditure requirements and technical hurdles in advanced node production.