2014-3-3 15:35:50SMIC sets up integrated circuits investment fund

[ET Net News Agency, 3 March 2014] Semiconductor Manufacturing International Corporation (SMIC) (00981) said it established a wholly-owned investment fund company in Shanghai named China IC Capital Co., Ltd for an operating period of 15 years from the date of the issuance of the business license.
The initial investment of the fund is Rmb500 million. The fund invests primarily in integrated circuits related fund products and investment projects; the rest of the fund will be invested in other strategic emerging industries (such as energy saving and environmental protection, information technology and new energy, etc.) and some traditional industries. 
The fund will be operated and managed by an equity investment management company called China Fortune-Tech Capital Co., Ltd established by SMIC and an independent third party. The initial registered capital of China Fortune-Tech is Rmb6 million which is contributed in cash as to 75% and 25% by SMIC and Finehome. Finehome, headquartered in Shanghai, is mainly engaged in real estate development, building construction and investment management business. China Fortune-Tech will introduce new shareholders and increase its registered capital during this year. It is expected that SMIC's shareholdings in China Fortune-Tech will be lowered to less than 50%. (HL)