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China’s champion chip maker checks if co-CEO still wants to work there
A logo of Semiconductor Manufacturing International Corporation (SMIC)
(REUTERS)Premium
Xie Yu
, The Wall Street Journal
SMIC shares fell after reports one of its leaders planned to resign, which was news to the company, and MSCI moved to evict it from its indexes
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Shares of China’s top chip maker fell sharply Wednesday over uncertainty surrounding the possible departure of one of its two chief executives and MSCI Inc.’s decision to exclude the company from its indexes.
In stock-exchange filings Wednesday, Semiconductor Manufacturing International Corp. said it had noted media reports that Co-Chief Executive Liang Mong Song was proposing to resign, and that the company had since become of aware of his “intention of conditional resignation but was now double-checking with him about his plans.