SMIC says in talks to sell stake to a key investor
HONG KONG, March 25 (Reuters) - Top Chinese chipmaker Semiconductor Manufacturing International Corp (0981.HK: Quote, Profile, Research, Stock Buzz) (SMIC) said it was in "advanced negotiations" to sell shares to a strategic investor.
SMIC said in a statement late on Monday that the strategic investor planned to invest in the company by purchasing shares or convertibles instruments, representing a "significant stake", but it said no agreement had yet been reached.
It gave no further details.
For a full statement please read here
Shares of SMIC have fallen by more than 44 percent so far this year to end at HK$0.455 on Thursday, prior to the extended holiday break. (US$1=HK$7.8) (Reporting by Donny Kwok; editing by Ken Wills)
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