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
Share Via
Read Full Story
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.
Price Change: $0.012 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Follow Peak Asset
The trustee for Peak Asset Management Unit Trust (“Peak”) is a corporate authorised representative (#1249050) of Equity Underwriters Pty Ltd (AFSL #244040).
Peak accepts no responsibility for any views expressed and marketing material contained in this email except where the message specifically states otherwise and the sender is authorised to state them to be the views of Peak. Information provided in this email is general advise only and does take account your objectives, financial situation or needs. Before acting on any advice in this email, Peak recommends that you consider whether it is appropriate for your circumstances. If this email contains reference to any financial products, you should obtain the current Product Disclosure Statement (PDS) or other disclosure documents for the particular products and consider this in
Top Chinese chipmaker SMIC plunges after reports co-CEO abruptly quit theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
SMIC shares plunge after co-CEO quits
MIFFED? Liang Mong-song resigned after the Chinese chipmaker appointed former TSMC executive Chiang Shang-yi as vice chairman without consulting him, reports said
Bloomberg
Semiconductor Manufacturing International Corp (SMIC, 中芯國際) shares plunged almost 10 percent after news emerged about the surprise resignation of a top executive who spearheaded the rapid technological ascent of China’s largest chipmaker.
SMIC is trying to reach co-CEO Liang Mong-song (梁孟松) after online media circulated a resignation letter they said originated with the industry veteran.
Liang quit after SMIC appointed a vice chairman without consulting him, reports said.
People walk in front of the gate of Semiconductor Manufacturing International Corp factory in Shanghai on Sept. 7.
Provided by Dow Jones
By Chong Koh Ping MSCI Inc. will strip its indexes of stocks in seven Chinese companies that the U.S. government says help China s military, including the country s largest chip maker and a major producer of surveillance equipment. The move, which will take effect by the close of business on Jan. 5, follows similar actions by other benchmark providers including FTSE Russell and S&P Dow Jones Indices. It will affect 10 securities that trade in either Hong Kong, Shanghai or Shenzhen. Last month, President Trump signed an executive order barring Americans from investing in 31 Chinese companies that the U.S. Defense Department says supply and otherwise support China s military, intelligence and security services.