China to bolster chip self-sufficiency with new Shanghai facility

China’s biggest chipmaker will be part of a joint investment of $8.87 billion to build a new fab facility in Shanghai to reduce the country’s reliance on overseas foundries.
Semiconductor Manufacturing International Corp. (SMIC), China’s biggest chipmaker, disclosed in a regulatory filing with the Hong Kong Stock Exchange that it will enter into a new joint-venture (JV) foundry in Shanghai with the local government as well as other investors. The total investment will be approx