China's top chipmaker SMIC announced $5.5 billion joint venture in Shanghai after losing second senior executive in two months

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China's top chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on Friday that its subsidiary SMIC Holdings, China's National Integrated Circuit Industry Investment Fund Phase II and an investment institution under the Shanghai Lingang Area Development and Construction Administrative Committee have reached an agreement to set up a joint venture (JV) in Shanghai's Lingang New Area of Shanghai Free Trade Zone.

The new JV’s business scope includes the production of . . .

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