Major Chinese semiconductor firm China Resources Microelectronics has begun building a new factory for its 12-inch wafers in the southern Chinese city of Shenzhen, according to an Oct. 29 announcement from the local government. The first phase of the project received an investment of RMB 22 billion ($3.03 billion). Focusing on 40nm and larger process products, the factory is designed to ship 480,000 slices of 12-inch wafers per year for EV electronics, new energy, industrial control, and consumer electronics. Founded in 2004, China Resources Microelectronics is a subsidiary of China Resources Group and its business covers multiple parts of the semiconductor supply chain including IC design, wafer manufacturing, and package testing, according to its official website. [Shenzhen government, in Chinese]