Beijing's Semiconductor Manufacturing International Corp (SMIC), China's most advanced semiconductor producer, announced, on Dec 23, that its subsidiary in Shanghai will work with the Changjiang Elec. Tech Co and National Integrated Circuitry Fund in acquiring a Singaporean integrated circuitry packaging and testing company, Stats ChipPAC.

The three parties signed an investment agreement, on Dec 22, according to which, SMIC will put $100 million, Changjiang, $260 million, and the Fund, $150 million, to make Changjiang Elec. Tech the world's fourth largest integrated-circuitry packaging and testing, in Singapore.

Changjiang is already China's largest packing and testing company, and sixth in the world, with an income of $850 million in 2013. Stats Chip, which has branches in Singapore, Korea, the mainland and Taiwan, had revenues in 2013 of $1.6 billion.

SMIC is in the Beijing Economic Technological Development Area, also known as E-town.