SMIC announced on May 12, 2011 that the company will form a joint venture with Hubei Science & Technology Investment Group, aiming to invest in and manage the 12-inch wafer fab Wuhan Xinxin, according to the Commercial Times of Taiwan. It is reported that SMIC will invest US$1 billion, holding approximately 66.66% stake in the JV, while Hubei Science & Technology will invest US$500 million, taking up the remaining shares. SMIC plans to add 65nm and 40nm production lines and aims to expand Wuhan Xinxin's production to 45,000 units per month.