Taiwan Semiconductor Manufacturing Co (TSMC, 鷋鍌鼣), the world＊s top contract chipmaker, yesterday said it planned to invest US$5 million in a new Chinese venture capital fund that targets chip designing start-ups in China＊s semiconductor industry.
※China＊s chip manufacturing is not the investment target of the fund,§ TSMC spokesman 〝Tzeng Jin-hao (嚪藨?) said.
※Instead, the fund is eyeing chip designers with potential to generate high-growth rate,§ he said.
APPROVAL
TSMC has obtained approval from the government＊s Investment Commission to make the investment via its subsidiary TSMC Partners Ltd, according to a company statement filed with the Taiwan Stock Exchange.
TSMC is one of the fund＊s investors, though its investment would account for only a small percentage of the fund, Tzeng said.
On March 25, TSMC submitted an application to the Investment Commission to obtain 1.79 billion common shares of, or an 8 percent stake in, China＊s biggest chipmaker, Semiconductor Manufacturing International Corp (SMIC, 齌銗), for free, based on an agreement inked by the firms to settle a lawsuit over alleged theft of trade secrete against SMIC.
The commission has yet to approve the case.
ACQUISITIONS
Over the next three years, TSMC said it planned to file a separate application to acquire 696 million SMIC shares in the form of options at a price of HK$1.30 (US$0.17) per share, as offered by SMIC on the basis of the agreement.
Yesterday, shares of TSMC dropped 1.02 percent to end the day at NT$58.4, the lowest since Feb. 8, when the stock closed at NT$57.40.
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