SMIC Plans to Acquire 49% Stake in SMNC for ¥40.6B
SMIC intends to acquire the remaining 49% stake in unit SMNC for Y40.6B, or $5.79B, giving the company full control of the subsidiary, Reuters' Ethan Wang and Ryan Woo report, citing a filing with the Shanghai Stock Exchange. The deal for SMNC, which focuses on 12-inch integrated circuit wafer manufacturing, will be executed through issuing 547.2M A-shares to five SMNC shareholders, including China's National Integrated Circuit Industry Investment Fund.
