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SMIC has released an official statement concerning its prior proposal to issue shares for the purpose of acquiring a 49% stake in SMIC Northern. Since the initial announcement of this strategic plan, SMIC, along with a range of intermediary organizations and pertinent entities, has been diligently pushing forward with the transaction process.
As of the date of this announcement, essential procedures such as auditing, valuation, and due diligence remain in progress. Upon the successful completion of the transaction, SMIC will promptly convene an additional board meeting. This meeting will serve to deliberate on relevant proposals and ensure the fulfillment of subsequent procedural requirements and information - disclosure responsibilities in line with regulatory standards and best practices in the industry.
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