Comments by the company's chief financial officer were retracted in a US filing Hong Kong Exchanges and Clearing (HKEx) has sought a clarification from Semiconductor Manufacturing International Corp (SMIC) about remarks made by chief financial officer Jenny Wang that were retracted in a filing to the US Securities and Exchange Commission (SEC) on Friday. The retraction came before the company's dual listing in Hong Kong and New York this week, but one day after subscriptions had been completed in Hong Kong. HKEx is understood to have asked SMIC to provide the same degree of disclosure to Hong Kong investors as it did with the SEC. On March 7, Ms Wang told reporters that the company's capital reserves were enough to cover funding requirements of US$3.32 billion over the next two years. This contradicted earlier filings to the SEC, which specified that it would need additional funding. 'We believe we will be required to pursue additional external financing, either in the form of additional borrowings or the sale of equity or equity-linked securities, in order to fund our planned capital expenditures and working capital needs through 2005,' SMIC said in Friday's SEC filing. In the same document, SMIC also cast doubt on a statement Ms Wang made about a lawsuit filed against the company by Taiwan Semiconductor Manufacturing Co (TSMC), which she claimed on March 7 to be 'without merit'. The SEC filing said SMIC and its legal advisers were still reviewing the TSMC case and had not formed a definitive view on its merits. 'Neither of the statements made at the press conference should be relied upon by potential investors when making an investment decision regarding our American depositary shares (ADS) or ordinary shares, and such investors should instead refer to the other sections referred to above for the accurate disclosure regarding these matters,' the company wrote. SMIC and Credit Suisse First Boston, underwriter for SMIC's IPO, declined to comment on the SEC filing. The Securities and Futures Commission said it was aware of the matter but would make no further comment at this stage. The flap over Ms Wang's statements is not expected to hurt the company's share debut on Thursday, according to sources at the exchange. The company fetched HK$2.69 per share in Hong Kong, at the top of local analysts' projected range. The dual-listing offer has netted an estimated US$1.79 billion. Hong Kong brokers say the retail portion of the share offer in Hong Kong was more than 270 times oversubscribed. Institutional interest in SMIC shares was also strong: the allotment for institutional investors was about 20 times oversubscribed. One fund manager who did not subscribe to the SMIC shares said few local investors focused on statements made by company officers and Ms Wang's remarks probably had little influence on the IPO. SMIC is not the first Chinese company to send misleading signals to the public during an IPO. Just before its listing in November 2002, China Telecom also retracted a statement by its chief financial officer, Wu Andi, projecting profit growth last year of between 8 per cent and 11 per cent, saying the figure was only an internal company benchmark.