SMIC joins Shenzhen government in US$2.35 billion chip foundry as China pushes for self-sufficiency in semiconductors

• SMIC and a government fund will back the project, with the Shanghai-based foundry taking a 55 per cent stake and the Shenzhen fund holding 23 per cent 
• Despite US sanctions, SMIC reported record-high full-year results of US$3.91 billion last year on robust demand for semiconductors in consumer electronics