国芯网·2025-06-06 12:59Core Viewpoint - The article discusses the strategic equity transfer between SMIC and Guokewi, highlighting the implications for both companies in the semiconductor industry, particularly in terms of focusing on core competencies and enhancing manufacturing capabilities [1][3]. Group 1: Equity Transfer Details - SMIC's subsidiary, SMIC Holdings, will transfer a 14.832% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. to Hunan Guokewi Microelectronics Co., Ltd. [1] - After the transfer, SMIC Holdings will completely exit its investment in SMIC Ningbo [2]. - Guokewi plans to acquire a 94.366% stake in SMIC Ningbo through a combination of issuing shares and cash payments, which will enhance its capabilities in high-end filters and MEMS manufacturing [2]. Group 2: Financial Performance of SMIC Ningbo - SMIC Ningbo is currently in a capacity ramp-up phase, with projected revenues of 213 million yuan in 2023 and 454 million yuan in 2024, but it is expected to incur net losses of 843 million yuan and 813 million yuan respectively [2]. - The transaction includes strict conditions preventing the buyer from reducing their stake for three years, and further restrictions if SMIC Ningbo does not achieve profitability within ten years [2]. Group 3: Strategic Implications - For SMIC, divesting from SMIC Ningbo is part of a broader strategy to focus on core business areas and enhance advanced process technology, including breakthroughs in 14nm, 7nm, and even 3nm technologies [3]. - Guokewi, established in 2008, aims to implement a vertical integration strategy by acquiring SMIC Ningbo, which will allow it to control both design and manufacturing processes, thereby improving technical collaboration and reducing product development cycles [3][4].