SMIC shares soared 245% on the Shanghai STAR market earlier today as SMIC issued 1,685,620,000 shares raising $6.62 billion.

Before the sale it was said that China’s state-run funds would be buying in the share sale.

The money raised is said to be going into process improvement. SMIC’s best process is 14nm.

However SMIC warned in its prospectus for the sale that its business relied on US manufacturing equipment and the US government could prevent US companies from selling it to SMIC.