SMIC approved to extend transaction: Jiang Shangyi/Liang Mengsong are still there

Latest update time：2021-09-02 22:03

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On the evening of January 10, SMIC issued an announcement regarding its return to OTCQX.

In 2019, after SMIC's American Depositary Receipts were delisted from the New York Stock Exchange, they were traded on OTCQX (the U.S. over-the-counter securities financial market). However, on January 6 this year, OTC Markets Group, the operator of the OTCQX market, notified SMIC that, in accordance with executive orders and relevant regulatory guidelines, it would withdraw from the OTCQX market after the end of trading that day, and SMIC securities would no longer be eligible to quote or trade on OTC Link ATS.

According to the latest announcement, SMIC received the latest notification from OTC Markets Group on January 9. According to the regulator, they have changed their position on the effective date of the executive order and now allow SMIC's securities trading to continue until February 1.

According to the announcement, among the directors of SMIC, the positions of Chairman Zhou Zixue, Vice Chairman Jiang Shangyi, and Co-CEOs Zhao Haijun/Liang Mengsong have not changed.

Previously, semiconductor tycoon Jiang Shangyi will once again join SMIC as vice chairman, and SMIC co-SEO Zhao Haijun and Liang Mengsong will report directly to Jiang Shangyi.

Jiang Shangyi's reappearance directly made Liang Mengsong, the current co-CEO of SMIC, "exploded". Not only did he cast an abstention vote without reason when the board of directors voted to approve the appointment, he also submitted his resignation directly to the board of directors.

At present, it seems that SMIC has achieved a good balance.

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