Chinese chip foundry SMIC announced on Thursday that it will suspend trading in stocks. Prior to this, the Chairman of the SMIC Board of Directors passed away, and both the President and the CEO failed to win the board re-election.
Jiang Shangzhou, the non-executive chairman of the SMIC Board of Directors, passed away on June 27 (see the electronic engineering report: Sung Sun International Chairman Jiang Shangzhou died of illness).
The current CEO of SMIC, Wang Ningguo, was unable to be elected as an executive director at the annual general meeting held on Wednesday. SMIC stated that Wang Ningguo’s votes are less than 42%, and votes must be more than 50% to be elected.
SMIC expressed that it is considering the organization of relevant materials for Wang Ningguo’s unsuccessful election and issued further explanations. Wang Ningguo served for many years in applied materials companies and is well-known in the semiconductor industry.
After Jiang's death, two remaining non-executive presidents of SMIC, Tsuyoshi Kawanishi and Lip-Bu Tan, joined Zhang Wenyi as non-executive chief executives. Zhang Wenyi was appointed as a director on June 20 and came into effect on June 30.
The death of Jiang Shangzhou also left an empty audit committee for SMIC. According to the regulations of the Hong Kong Stock Exchange, SMIC will soon appoint the third new member to the audit committee.
Jiang Shangzhou was 64 years old and died of cancer. He has served as president of SMIC since 2006 and chairman of the China Semiconductor Industry Association. He has many years of experience in government departments.
SMIC stated that at the annual general meeting of shareholders, other proposals that gave the board rights to issue, distribute, and buy back SMIC shares were also rejected by shareholders.
According to the financial report released in February this year, SMIC’s profit in 2010 was US$68.7 million, which was the first year after listing.
As previously, Wang Ningguo was an executive director on the board of directors. With the death of Jiang Shangzhou, the position of chairman of the SMIC became vacant. Now that the board of directors has no executive director, there is a power vacuum in the SMIC board of directors. There is "infighting." The SMIC, which finally became weaker, was finally able to turn a profit. China’s self-developed semi-conductor business finally showed a glimmer of hope. At this time, it was due to human resources. It seems that there is still a long way to go before the domestic semiconductor industry will gain a foothold in the international arena and even surpass Taiwan in the short term.
Jiang Shangzhou, the non-executive chairman of the SMIC Board of Directors, passed away on June 27 (see the electronic engineering report: Sung Sun International Chairman Jiang Shangzhou died of illness).
The current CEO of SMIC, Wang Ningguo, was unable to be elected as an executive director at the annual general meeting held on Wednesday. SMIC stated that Wang Ningguo’s votes are less than 42%, and votes must be more than 50% to be elected.
SMIC expressed that it is considering the organization of relevant materials for Wang Ningguo’s unsuccessful election and issued further explanations. Wang Ningguo served for many years in applied materials companies and is well-known in the semiconductor industry.
After Jiang's death, two remaining non-executive presidents of SMIC, Tsuyoshi Kawanishi and Lip-Bu Tan, joined Zhang Wenyi as non-executive chief executives. Zhang Wenyi was appointed as a director on June 20 and came into effect on June 30.
The death of Jiang Shangzhou also left an empty audit committee for SMIC. According to the regulations of the Hong Kong Stock Exchange, SMIC will soon appoint the third new member to the audit committee.
Jiang Shangzhou was 64 years old and died of cancer. He has served as president of SMIC since 2006 and chairman of the China Semiconductor Industry Association. He has many years of experience in government departments.
SMIC stated that at the annual general meeting of shareholders, other proposals that gave the board rights to issue, distribute, and buy back SMIC shares were also rejected by shareholders.
According to the financial report released in February this year, SMIC’s profit in 2010 was US$68.7 million, which was the first year after listing.
As previously, Wang Ningguo was an executive director on the board of directors. With the death of Jiang Shangzhou, the position of chairman of the SMIC became vacant. Now that the board of directors has no executive director, there is a power vacuum in the SMIC board of directors. There is "infighting." The SMIC, which finally became weaker, was finally able to turn a profit. China’s self-developed semi-conductor business finally showed a glimmer of hope. At this time, it was due to human resources. It seems that there is still a long way to go before the domestic semiconductor industry will gain a foothold in the international arena and even surpass Taiwan in the short term.
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