SMIC is a subsidiary of SMIC, but SMIC does not completely control SMIC. SMIC was a subsidiary of SMIC in its early days. Later, SMIC Holdings Limited (SMIC Holdings), National IC Industry Investment Fund (referred to as "Big Fund") and Shanghai IC Industry Investment Fund increased their capital, making SMIC a consolidated subsidiary of SMIC. The south of SMIC is also the second largest source of income for SMIC. Although SMIC holds 38% of the shares of SMIC, it is specifically mentioned in some annual reports, indicating its importance to SMIC's overall performance. Since 2023, due to some well-known reasons, SMIC has handled SMIC differently from before, but in the future, SMIC may buy back the shares held by large funds at an appropriate time.