China’s state-backed Big Fund has become the third-largest shareholder of the Semiconductor Manufacturing International Corporation (SMIC), the country’s largest wafer foundry, after SMIC completed its acquisition of a manufacturing subsidiary in the largest merger and acquisition deal ever recorded on Shanghai’s Star Market. The landmark deal, first proposed last August, was completed with SMIC issuing 547 million shares worth 40.6 billion yuan (US$6 billion) to five shareholders of its...