It was a well-rehearsed scene as yet another company made its debut on Shanghai’s STAR market, China’s answer to the tech-heavy Nasdaq. The executives huddled together to strike the gong, confetti erupted over the red carpet and strobe lights danced around the hall. But this celebration — for SMIC, China’s biggest manufacturer of semiconductors — was different. Semiconductors have emerged as a flashpoint in the increasingly tense U.S.-China relationship, and SMIC’s initial public