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SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

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China's SMIC to invest $8.87 billion for new chip plant in Shanghai

09/03/2021 | 06:11am EDT
FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai

SHANGHAI (Reuters) - China's Semiconductor Manufacturing International Corp will invest $8.87 billion to build a chip plant in Shanghai, it said on Friday, expanding capacity amid a global chip shortage as Beijing pushes to boost independence in the sector.

The expansion by China's largest chipmaker comes as the shortage rattled the automotive and electronics industries, spurring new capacity plans by firms like Taiwan Semiconductor Manufacturing Corp Ltd and GlobalFoundries.

SMIC said it agreed to build a production line with monthly capacity of 100,000 12-inch wafers in the Lingang Free Trade Zone (FTZ) in the Pudong district of China's business hub.

The plan will focus on integrated circuit foundry and technology services on process nodes for 28-nanometers and above, backed by a joint venture majority-owned by SMIC.

The joint venture partner is the Lingang FTZ, and the company said it would seek other investors in the firm with registered capital of $5.5 billion.

Other companies with plants in the zone are Contemporary Amperex Technology Co Ltd and Tesla.

SMIC is partly backed by China's state-affiliated chip fund.

In the last decade, the government has poured billions from the fund into helping domestic chip companies catch up with global rivals in the Japan, Korea and the United Staets, though SMIC lags counterparts there. SMIC's unveiling of the new fab follows similar expansion plans in recent months for new plants in Shenzhen and Beijing.

The firm is also on a U.S. government blacklist that denies it advanced manufacturing equipment from U.S. suppliers. The United States cited national security concerns and SMIC has denied having ties to China's military.

The measures disrupted the company's plans to move into high-end chip making, but its financial performance has been strong as the chip shortage has boosted demand.

(Reporting by Josh Horwitz; Editing by Clarence Fernandez)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 4.75% 23.15 End-of-day quote.4.75%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 0.67% 600 End-of-day quote.13.21%
TESLA, INC. 1.54% 907.625 Delayed Quote.26.69%
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Financials (USD)
Sales 2021 5 190 M - -
Net income 2021 1 322 M - -
Net cash 2021 2 332 M - -
P/E ratio 2021 139x
Yield 2021 -
Capitalization 183 B 23 538 M -
EV / Sales 2021 34,8x
EV / Sales 2022 31,3x
Nbr of Employees 17 354
Free-Float 72,3%
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Semiconductor Manufacturing International Corporation Technical Analysis Chart | 981 | KYG8020E1199 | MarketScreener
Technical analysis trends SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 23,15 $
Average target price 3,87 $
Spread / Average Target -83,3%
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Managers and Directors
Hai Jun Zhao Co-Chief Executive Officer & Executive Director
Meng Song Liang Co-Chief Executive Officer & Executive Director
Yong Gang Gao Chairman, CFO, Secretary & Executive VP
Mei Sheng Zhou Executive VP-Technology Research & Development
Xin Zhang Senior Vice President-Operations & Engineering
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