The National Integrated Circuit Industry Investment Fund's shareholding in SMIC H shares increased from 4.79% to 9.25%. This is neither a simple increase in the secondary market nor a traditional equity transfer, but a strategic investment and equity structure optimization achieved through the common restructuring method of "issuing shares to purchase assets" in the capital market.

The core of the transaction is: the National Big Fund used its equity in SMIC North to "swap" for new shares of SMIC International, completing an increase in holdings and helping SMIC International achieve full ownership of its core subsidiaries, a win-win industry integration move.
It should be noted that the 9.25% shown on the Hong Kong Stock Exchange represents the direct shareholding ratio of the National Big Fund at the H share level, while the 8.66% announced by SMIC International includes the total shareholding ratio of the concerted party Xin Xin ( Hong Kong ) Investment Limited. The two figures are based on different accounting standards, both resulting from the same transaction change in shareholding.