Major personnel changes at SMIC: Taiwanese executives resigned!

At the end of May, SMIC, China's largest wafer foundry, announced its delisting from the U.S. stock market. Officials said the reasons for the delisting included the company's ADS (American Depositary Shares) "limited trading volume and high costs."

SMIC will hold a shareholders' meeting at the end of this month, when new board members will be elected. Previously, independent director Jiang Shangyi will be re-elected as an independent non-executive director. However, SMIC issued an announcement last night to withdraw the previous resolution, claiming that Dr. Jiang has informed the board of directors that due to personal reasons and other work commitments, he will not stand for re-election as an independent non-executive director at the annual general meeting of shareholders, and will retire as a director at the annual general meeting of shareholders.

Not only did Jiang Shangyi resign from his directorship, he also no longer served as a member of SMIC's Compensation Committee after the shareholders' meeting.

Chiang Shang-yi is a heavyweight in Taiwan's semiconductor industry, with more than 40 years of experience. He joined TSMC in 1997 as vice president of R&D. He participated in the R&D of TSMC's processes from 0.25um, 0.18um, 0.15um, 0.13um, 90nm, 65nm, 40nm, 28nm, 20nm to 16nm. He retired from TSMC in 2013 as COO and executive vice president. He was known as the No. 2 figure and was once considered Morris Chang's successor.

In 2016, Chiang Shangyi joined SMIC. Since SMIC and TSMC had several patent wars many years ago, Chiang Shangyi's joining TSMC's rival camp shocked the Taiwanese industry.

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