Hong Kong Exchanges and Clearing, 5/15/12
Chinese semiconductor foundry Semiconductor Manufacturing International Corporation (SMIC) (NYSE: SMI, 0981.HK) has announced that Beijing Municipal Commission of Economy and Information Technology (BJEIT), Beijing Economic-Technological Development Area Management Committee (BDAC) and SMIC Beijing, a wholly-owned subsidiary of SMIC, will enter into a non-legally binding cooperation framework agreement today to establish a joint venture in the PRC to build up new and more advanced production facilities on SMIC Beijing's existing 12-inch wafer fab facilities.
The proposed joint venture will be developed in two phases. It is intended that the joint venture will carry on the development and operation of the project, which will focus on the production of 45-20 nanometer integrated circuits with a goal of achieving eventual production capacity of about 70,000 12-inch wafers per month.
Editor's Note: To see SMIC's full announcement, please click here.