SMIC nearing stake sale

The mainland’s largest chipmaker, Semiconductor Manufacturing International Corp (SMIC) is finalizing a share sale to several strategic investors, one of which may be a state-owned company, the South China Morning Post reported. A SMIC spokesperson told the paper that an announcement would be made soon, but declined to reveal potential buyers of the stake. Analysts identified Shanghai-based Hua Hong Group, a wholly-owned subsidiary of state-owned conglomerate China Electronics Corp as a potential buyer of the stake, noting that cooperation between the two firms would allow them to challenge Taiwanese semiconductor giant Taiwan Semiconductor Manufacturing.