SMIC has raised $1.8 billion in an initial public offering that was 15 times over-subscribed.

The China based foundry will have $1 billion to invest in its 300mm fab in Beijing and upgrade its 200mm fabs in Shanghai and Tianjin, China. The Tianjing fab was bought by SMIC from Motorola.

In the year to the end of December 2003, SMIC made a loss of $66 million on sales of $356 million.

By: DocMemory
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