China's SMIC will spend $8.87B to build a plant on the outskirts of Shanghai and set up a $5.5B joint venture with Shanghai's government to oversee the project (Bloomberg)

Bloomberg:
China's SMIC will spend $8.87B to build a plant on the outskirts of Shanghai and set up a $5.5B joint venture with Shanghai's government to oversee the project  —  - SMIC to set up a $5.5 billion JV in the city's free trade zone  — The company is pivotal to China's broader chip ambitions