August 9, 2010 / 9:14 AM / 8 years ago

SMIC to get tens of millions in govt money -source

TAIPEI/SHANGHAI, Aug 9 (Reuters) - SMIC (0981.HK), China’s largest chipmaker, is close to receiving tens of millions of dollars from the Chinese government, a source said on Monday, in a move that could help its earnings this year.

    Semiconductor Manufacturing International Corp (SMI.N) will receive the money allocated by China to fund its 11th five-year plan, which runs from 2006-2010, the source with direct knowledge of the information said.

    “If nothing goes wrong, the money should appear on the balance sheet of the third or fourth quarter,” the source said, who declined to be named because the information was not yet public.

    A SMIC spokesperson declined to comment ahead of the company’s results announcement on Tuesday. Analysts polled by Thomson Reuters Starmine are expecting SMIC to report a loss per share of $0.021. (Reporting by Jennifer Yang and David Lin; Editing by Jacqueline Wong)

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