CIC to Invest in Semiconductor Maker SMIC

(Beijing) -- Sovereign wealth fund China Investment Corp. (CIC) will invest US$ 250 million in Semiconductor Manufacturing International Corp. (SMIC) (HKEX: 0981) (NYSE: SMI), to become its second-largest shareholder.

Country Hill Ltd., a wholly-owned subsidiary of CIC, will subscribe 360.6 million convertible preferred shares of SMIC, at HK$ 5.39 each, representing an 11.6 percent discount to the closing price on April 18, SMIC said in a filing to the Hong Kong Stock Exchange on April 19.