China's Big Fund becomes SMIC's third-largest shareholder after record Star Market buyout

China's state-backed National Integrated Circuit Industry Investment Fund, known as the Big Fund, has become the third-largest shareholder of Semiconductor Manufacturing International Corporation (SMIC), the country's largest wafer foundry, following a landmark buyout on the Star Market. The deal consolidates the Big Fund's position among SMIC's top owners. SMIC announced in an April filing that the transaction would improve asset quality, enhance business synergies, and promote long-term development. The acquisition involves SMIC purchasing a minority stake in SMNC, a subsidiary founded in 2013 that provides 12-inch wafer foundry services and serves as a key manufacturing base in Beijing. According to Lu Kelin, founder of consultancy Lukedao Tech, the move addresses SMIC's production capacity shortage and converts external shareholder premiums into internal strategic benefits.