SMIC Shares Surge Over 6% on Plan to Acquire Full Ownership of SMIC North

Stock News04-30 11:31

SMIC (00981) saw its shares rise more than 6% during trading, reaching HK$69.95 by the latest update, with a turnover of HK$5.274 billion. On April 30, the Shanghai Stock Exchange issued a notice regarding the implementation of review opinions on SMIC’s proposal. The company plans to issue shares to acquire a combined 49% equity stake in SMIC North from several investors, including the National Integrated Circuit Industry Investment Fund. SMIC stated that the transaction aims to achieve full ownership of SMIC North, optimizing governance to enhance decision-making and operational efficiency while integrating a profitable asset to strengthen the listed company’s overall performance. SMIC North, a leading 12-inch wafer foundry platform in China, focuses on mature process technologies and maintains stable operations with strong profitability. Upon completion of the deal, SMIC will fully benefit from SMIC North’s operational results, with expected increases in net profit attributable to shareholders and basic earnings per share.

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