Hynix backers ok China investment

August 9, 2004 – Creditors of South Korean chipmaker Hynix Semiconductor Inc. reportedly have approved plans to invest in a $2.0 billion chipmaking operation in China, as part of a joint venture with STMicroelectronics and the Chinese government.

Under the plan, approved by the required 75% of Hynix’s creditors, ST and Hynix each will invest $500 million, with the Chinese government kicking in $1 billion, for an initial 200mm fab, followed by a 300mm fab, according to reports by AFX Asia, Bloomberg, and The Wall Street Journal. A similar plan was rejected in May due to uncertain industry conditions.


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