Latest on SMIC

Just share this here as a guide for your trade ( the power of google )

HONG KONG (Dow Jones)--Chinese contract chip maker Semiconductor Manufacturing International Corp. (SMI) said Monday it plans to book several charges to its 2009 results, a move that could lead to a wider-than-expected loss.

In a statement, the company said it expects to book a charge of US$114.6 million for bad debt and a provision for long term receivables as well as a loss of US$20.9 million stemming from the assessment of claims and potential claims against the company.

The company also raised it first-quarter revenue guidance, projecting a 4%-6% increase from fourth-quarter revenue of US$333.1 million. The company cited stronger-than-expected customer orders.

SMIC, China's largest chip foundry by capacity, said in February it expects first-quarter revenue to be flat to up 2% from the fourth quarter of 2009.

But the company said it expects to post an additional non-operating expense of US$146.6 million in the first quarter to reflect the change in the fair value of shares and warrants.

The company is slated to release full-year earnings on April 26.

From the above....I will said that the new management is doing the only thing open to them to wipe the "old slate" clean in a smooth stroke so that they can move forward with their own plans for the company which is a good thing. ( just like the old saying of a "new broom sweeps clean" )

Yes.....looking forward to a "swee swee" ride for this stock. Please do a "test-water" for those who is trying to ride this penny stock for the 1st
time....yes, it's "big risk" when trading penny stock.