China’s State Semiconductor Fund Cut holdings in SMIC- PingWest
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China’s State Semiconductor Fund Cut holdings in SMIC
April 16, 2021 5:25 pmBeijing (PingWest)- The China National Integrated Circuit Industry Investment fund has downside its positions in Chinese chipmaker Semiconductor Manufacturing International Corporation (CMIC).
The pullout came at the time when Beijing is making tactical adjustment to support the country’s semiconductor firms.
According to the fund’s document filed with the Hong Kong stock exchange, it sold 45 million shares of Semiconductor Manufacturing International Corporation (SMIC) last Friday at HKD26.2 per share and another 55 million shares at HKD25.6 per share on Monday, cashing out roughly HKD2.6 billion in its total investment in the country’s biggest chip makers.
The fund still holds nearly 9 percent share in SMIC after the sales.
Analyzing the rationale behind the sales, most analysts said it only does minor affect on SMIC, indicating the cash out as a normal investment decision with the fund still committed to supporting China’s semiconductor industry.
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