Shanghai Industrial Holdings (SIHL) has increased its stake in Semiconductor Manufacturing International Corporation (SMIC) to 10.09%, making it the second-largest shareholder of the China foundry player, according to company sources.
Meanwhile, SIHL executive deputy CEO Zhou Jie was also named as a non-executive director at SMIC, indicated the sources.
SMIC has confirmed the reports.
SIHL's recent moves to purchase more SMIC stock on the open market show that SMIC's partnership with Datang Telecom Technology & Industry Holdings has received positive feedback from the China-based conglomerate, market watchers said.
Datang is currently the majority shareholder of the China foundry with a 16.6% stake. The Datang-SMIC partnership was announced in November 2008.
Prior to SIHL, Zhou joined Shanghai Industrial Investment in May 1996 and previously held the positions of the chairman and general manager of Shanghai SI Capital.
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