SMIC Moves to Acquire Remaining 49% of SMNC via RMB Share Issuance

Semiconductor Manufacturing International ( (HK:0981) ) has issued an update.

Semiconductor Manufacturing International Corporation has agreed key terms for acquiring the remaining 49% equity interest in its affiliate SMNC from existing vendors, with the consideration to be settled through the issuance of renminbi-denominated shares under a specific mandate. The deal qualifies as both a discloseable and connected transaction under Hong Kong Listing Rules, triggering reporting, announcement and independent shareholder approval requirements; SMIC will convene an extraordinary general meeting, form an independent board committee, and rely on an external financial adviser, while vendors and their associates will abstain from voting, underscoring governance scrutiny over a transaction that could further consolidate SMIC’s control over SMNC and refine its capital structure.

The most recent analyst rating on (HK:0981) stock is a Hold with a HK$67.00 price target. To see the full list of analyst forecasts on Semiconductor Manufacturing International stock, see the HK:0981 Stock Forecast page.

More about Semiconductor Manufacturing International

Semiconductor Manufacturing International Corporation (SMIC) is a leading foundry in the semiconductor industry, providing integrated circuit manufacturing and related services. Listed in Hong Kong, the company focuses on serving global chip designers and electronics manufacturers, with China as a core market for advanced and mature-node semiconductor production.

Average Trading Volume: 88,291,163

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$697.1B

For detailed information about 0981 stock, go to TipRanks’ Stock Analysis page.