时事英语－英语新闻导读 2004.3.5

China SMIC Says It Has Sufficient Funding Until 2005
中芯国际称2005年前资金充足

(导读)
中芯国际（SMIC）3月7日表示，其在2005年之前拥有充足的资金来满足资本需求。公司首席财务官Jenny Wang在新闻发布会上对记者表示，“目前，我们不会说我们不需要筹集更多的资金，但是我们在2004年和2005年的资本需求已经得到了满足。”

Sunday March 7, 7:31 am ET
By Julie Wang, Of DOW JONES NEWSWIRES

HONG KONG -(Dow Jones)- China's largest made-to-order chip foundry, Semiconductor¹ Manufacturing International Corp., said Sunday it has sufficient funding to meet its capital requirements until 2005.

"At this point in time, we won't say that we don't want to raise more funds. But our capital needs for 2004 and 2005 are already covered," SMIC's Chief Financial Officer Jenny Wang told reporters at a press conference.

The company has budgeted capital expenditures² of $1.95 billion for 2004 and $ 1.4 billion for 2005.

Of the total $3.35 billion, SMIC will raise some $1 billion from its upcoming listing and secure another $1.7 billion through cash from operations in 2004 and 2005.

It also will fund another $500 million of the capex from its existing loan facilities and utilize³ the cash on hand totaling $450 million at the end of 2003.

SMIC is offering 5.15 billion shares at an indicative price range of HK$2.41 and HK$2.72 a share, equivalent to $15.50 to $17.50 an American Depositary Receipt.

Pricing is expected to be decided⁴ Thursday.

Of the shares offered, 3.03 billion will be new shares, while another 2.12 billion will be old shares offered by existing shareholders⁵.

A total of 257.58 million shares, or 5% of the aggregate⁶ amount, will be allocated⁷ to retail⁸ investors⁹ in Hong Kong, while the remainder will be sold to institutional investors worldwide.

Well-Positioned For China Demand Growth

The company said it is well-positioned to take advantage of the growth in the semiconductor industry in China, even as leading competitors like Taiwan Semiconductor Manufacturing Co. and United Microelectronics Corp. (NYSE:UMC - News) are looking to build manufacturing base in China.

"We welcome them," SMIC President and Chief Executive Richard Chang said.

Chang said the China market will be able to "comfortably" accommodate more new foundries, as he estimates the domestic demand is five times current domestic semiconductor supply.

"In five, or may be as long as eight years, demand will still exceed domestic supply," Chang said.

Even though China accounts for a minimal¹⁰ amount of SMIC's sales in 2003, Chang revealed that 50% of the foundry's chip output is eventually shipped to end- customers in China. He expects that number to rise to 55% this year. This is because many international integrated device manufacturers and fabless chip- design houses requested that SMIC ship their orders to end-customers in China, Chang said.

"We are at least four to five years ahead of them (our competitors) in China ( in terms of the timing¹¹ of business establishment). We believe we will enjoy a leading position...and we have advantages over potential customers here," Chang said.

SMIC intends to list its shares in New York on March 17 and in Hong Kong the following day.

Credit Suisse First Boston Corp. is the global coordinator¹² of the initial public offering, while Deutsche Bank AG (NYSE:DB - News) is the joint¹³ bookrunner and joint sponsor.

-By Julie Wang, Dow Jones Newswires; 852-2802-7002;

1 semiconductor   

n.半导体

参考例句：

• In the beginning,engineers hoped to use semiconductor lasers.在开始时，工程师们希望能够利用半导体激光器。
• The main agent of the company brand semiconductor sales.本公司主要代理各品牌半导体销售。

2 expenditures   

n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费

参考例句：

• We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
• The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》

3 utilize   

vt.使用，利用

参考例句：

• The cook will utilize the leftover ham bone to make soup.厨师要用吃剩的猪腿骨做汤。
• You must utilize all available resources.你必须利用一切可以得到的资源。

4 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

5 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

6 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

7 allocated   

adj. 分配的 动词allocate的过去式和过去分词

参考例句：

• The Ford Foundation allocated millions of dollars for cancer research. 福特基金会拨款数百万美元用于癌症研究。
• More funds will now be allocated to charitable organizations. 现在会拨更多的资金给慈善组织。

8 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 minimal   

adj.尽可能少的，最小的

参考例句：

• They referred to this kind of art as minimal art.他们把这种艺术叫微型艺术。
• I stayed with friends, so my expenses were minimal.我住在朋友家，所以我的花费很小。

11 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

12 coordinator   

n.协调人

参考例句：

• The UN Office for the Coordination of Humanitarian Affairs, headed by the Emergency Relief Coordinator, coordinates all UN emergency relief. 联合国人道主义事务协调厅在紧急救济协调员领导下，负责协调联合国的所有紧急救济工作。
• How am I supposed to find the client-relations coordinator? 我怎么才能找到客户关系协调员的办公室？

13 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。