Scott P. Arroyo 
(Source: SMIC)
China’s leading chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on the Hong Kong Stock Exchange on Friday that SMIC Holdings, the National Integrated Circuit Industry Investment Fund Phase II and an investment institution reporting to the Administrative Committee for Development and Construction of the Shanghai Lingang region have agreed to set up a joint venture (JV) in Shanghai.
The business scope of the new joint venture includes the production of 12-inch integrated circuit wafers, the packaging of integrated circuits, and the design and development of integrated circuit technologies.
The announcement shows that the registered capital of Lingang Joint Venture Company is $ 5.5 billion. SMIC Holdings contributed $ 3.655 billion, while the National Integrated Circuit Industry Investment Fund Phase II and another institution contributed $ 922 million and $ 923 million respectively, or 66.45%, 16.77% and 16.78%.
SMIC believes that by seizing the strategic opportunity for the development of the integrated circuit industry in the new Lingang area of ​​the Shanghai Free Trade Zone, the establishment of the new joint venture will meet the growing needs of the market and customers. customers and help the company to expand its production scale, reduce production costs and improve wafer foundry services, thereby promoting the sustainable development of the minimum wage.
In addition, SMIC announced on November 11 that Jiang Shangyi had resigned as vice president, executive director and member of the strategy committee of the company’s board of directors. Liang Mengsong stepped down as executive director and continued to be the co-CEO of the company.
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