His successor is him, the chairman of the 380 billion chip giant resigns as a director | executive | giant

China Fund News Amman

380 billion chip giants are once again changing their looks!

On July 17th, SMIC announced on the Hong Kong Stock Exchange that due to work adjustments, Gao Yonggang resigned from his positions as Chairman, Executive Director, and Chairman of the Nomination Committee of the Board of Directors, effective from July 17th, 2023.

Liu Xunfeng, Vice Chairman, Executive Director, and Chairman of the Nomination Committee of the Board of Directors, has been appointed as the Chairman, Executive Director, and Chairman of the Nomination Committee of the Board of Directors, effective from July 17, 2023.

Chemical giant veteran appointed as chairman

According to previous announcements, Liu Xunfeng was nominated for positions such as Vice Chairman and Executive Director of SMIC two months ago.

On the evening of May 11th, SMIC announced the resignation of non-executive directors and the appointment of executive directors.

The announcement shows that Dr. Liu Xunfeng, a candidate recommended by the National Integrated Circuit Industry Investment Fund Co., Ltd., has been appointed as the second category director, executive director, vice chairman of the board of directors, and member of the nomination committee of the company, effective from May 11, 2023.

The announcement states that Dr. Liu, as the Vice Chairman and Executive Director of the Board of Directors, can receive an annual basic salary of RMB 3.34 million and an annual incentive. The annual incentive will be determined by the Board of Directors based on the compensation policy of the company's directors and senior management, taking into account the performance of the Group and its individual. Dr. Liu's compensation plan is determined by the board of directors based on the company's compensation policy for directors and senior management, and with reference to the recommendations of the company's compensation committee.

Dr. Liu's resume is as follows:

Dr. Liu Xunfeng, currently 58 years old, previously served as the Party Secretary and Chairman of Shanghai Huayi Group Co., Ltd., Chairman of Shanghai Huayi Holding Group Co., Ltd., Vice Chairman of Shanghai Chemical Industry Zone Development Co., Ltd. He also served as a member of the 14th National Committee of the Chinese People's Political Consultative Conference, Vice Chairman of the China Petroleum and Chemical Industry Federation, and President of the Shanghai New Materials Association.

Dr. Liu has been working in large industrial groups for a long time and has over 30 years of experience in enterprise management. He has served as the Deputy Chief Engineer, Deputy Director of Investment Engineering Department, Assistant General Manager and Deputy General Manager of Sinopec Shanghai Petrochemical Co., Ltd., Deputy General Manager of Shanghai Secco Petrochemical Co., Ltd., Deputy General Manager of Shanghai Chemical Industry Zone Development Co., Ltd., and Deputy Secretary, President, Party Secretary, and Chairman of Shanghai Huayi Company's Party Committee. He has been awarded titles such as Leading Figure in Shanghai's Industry and Commerce and Outstanding Entrepreneur in Shanghai.

Dr. Liu holds a Ph.D. in Management Science and Engineering from Xi'an Jiaotong University, a Master's degree in Business Administration from China Europe International Business School, a Master's degree in Reaction Engineering from the Department of Chemical Engineering at East China University of Chemical Technology, and a professor level senior engineer.

Shortly after Liu Xunfeng became the Vice Chairman of SMIC, on June 21st, the Shanghai Municipal Government released a set of personnel appointment and removal information. Among them, Gu Lili served as the Chairman of Shanghai Huayi Group Co., Ltd; Qian Zhigang was appointed as the President of Shanghai Huayi Group Co., Ltd; Dismiss Liu Xunfeng from his position as Chairman of Shanghai Huayi Group Co., Ltd; Dismiss Wang Xia from the position of President of Shanghai Huayi Group Co., Ltd.

At the same time as announcing Dr. Liu Xunfeng's appointment as Executive Director, SMIC also announced that Mr. Huang Dengshan has resigned from his position as non-executive director and member of the Nomination Committee of the Board of Directors due to other work arrangements, effective from May 11, 2023.

The announcement states that Mr. Huang has confirmed that he has no differences of opinion with the board of directors, and there are no other matters related to his resignation as a non-executive director that need to be brought to the attention of our company's shareholders.

Served as 7 chairmen

The announcement shows that Gao Yonggang resigned from his positions as Chairman, Executive Director, and Chairman of the Nomination Committee of the Board of Directors due to work adjustments.

According to public information, Gao Yonggang, who is 58 years old, was appointed as the Acting Chairman of SMIC on September 3, 2021. He officially became the Chairman of SMIC on March 17, 2022. He previously served as a non-executive director of SMIC in 2009 and was transferred to Executive Director on June 17, 2013. He served as the Chief Financial Officer of SMIC from February 17, 2014 to March 17, 2022.

Gao Yonggang is the sixth chairman in the history of SMIC.

Gao Yonggang has served as the finance or corporate head of multiple enterprises or institutions, with rich experience and in-depth research in financial management, investment and financing, and enterprise management. Dr. Gao has held positions such as Chief Accountant of the Institute of Telecommunications Science and Technology and Chairman of Datang Telecom Group Finance Co., Ltd. Current director of Jiangsu Changdian Technology Co., Ltd. and independent director of Shanghai Yiruiguang Electronic Technology Co., Ltd.

Dr. Gao holds a Ph.D. in Management from Nankai University. Current Executive Director of the Chinese Accounting Society, member of the Science and Technology Innovation Board Listing Committee of the Shanghai Stock Exchange, founding member of the Hong Kong Independent Non Executive Directors Association, and Vice President of the China Electronic Information Industry Federation.

The change in executive positions at SMIC has always been a focus of market attention.

According to previous reports, on the evening of December 15, 2020, SMIC announced the return of Jiang Shangyi, who will serve as the company's second-class executive director, vice chairman of the board of directors, and member of the strategic committee. This has caused dissatisfaction among co CEOs Liang Mengsong, who once proposed to resign. The two industry giants who used to work together at TSMC have had a heated argument for a while.

On June 25, 2021, the General Meeting of Shareholders of SMIC approved the proposal for the company's 2021 Science and Technology Innovation Board Restricted Stock Incentive Plan. The proposal to grant 400000 restricted shares to Liang Mengsong was also passed.

Liang Mengsong joined SMIC in October 2017, significantly enhancing its research and development capabilities in advanced processes. When joining, SMIC's most advanced technology for mass production was 28nm, but it only took two years. Under the leadership of Liang Mengsong, SMIC began mass production of 14nm chips in the fourth quarter of 2019.

On the evening of November 11, 2021, SMIC announced that Jiang Shangyi had resigned from his positions as Vice Chairman, Executive Director, and member of the Strategy Committee of the Board of Directors due to his desire to spend more time with his family, effective immediately.

The latest news shows that on June 28, 2023, Xunxin, a system module packaging factory invested by Hon Hai Group, elected a new director at the shareholders' meeting. Among them, Hon Hai Semiconductor's strategic officer, Jiang Shangyi, was elected, and Xunxin immediately convened a new board meeting to elect and approve Jiang Shangyi as the new chairman.

Jiang Shangyi is a legendary engineer in the semiconductor industry, affectionately known as "Jiang Dad" by TSMC people. He led the key technology research and development of TSMC's FinFET nodes from 250nm to 16nm, enabling TSMC to surpass IBM and transform from a technology follower to a technology leader.

At the just passed SMIC International Shareholders Meeting, Dr. Gao Yonggang pointed out in response to talent related questions raised by on-site shareholders that the company currently has more than 10000 engineering and technical talents among its more than 20000 employees, making it the wafer foundry with the most talent accumulation in China. In addition, as the fourth ranked wafer foundry in the world, the platform and salary level provided by the company are quite competitive in the domestic talent market.

"From the overall indicators, our talent turnover rate last year was relatively low, and this year should also be in single digits. We allow normal talent flow within the industry, but we can retain key and important talents, and these people are willing to work hard on this platform," said Dr. Gao Yonggang.

As of the close on the 17th, SMIC International fell 1.40% to close at 48.77 yuan per share, with a total market value of 386.55 billion yuan.