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SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

(981)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 12/02
22.05 HKD   +1.38%
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Semiconductor Manufacturing International : PROPOSED CHANGE OF AUDITORS

05/14/2021 | 09:05am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

中芯國際集成電路製造有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 981)

PROPOSED CHANGE OF AUDITORS

This announcement is made by Semiconductor Manufacturing International Corporation (the ''Company'') pursuant to rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The board of directors (the ''Board'') of the Company announces that PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian LLP (collectively referred to as ''PwC'') will retire as the auditors of the Company for the financial reporting in accordance with International Financial Reporting Standards ("IFRS") and the financial reporting in accordance with China Accounting Standards for Business Enterprises ("CAS") purposes, upon expiration of its current term of office at the conclusion of the forthcoming annual general meeting of the Company to be held on 25 June 2021 (the ''AGM'').

The Board has unanimously resolved, with recommendation from the audit committee of the Company (the ''Audit Committee''), to propose the appointment of Ernst & Young and Ernst & Young Hua Ming LLP (collectively referred to as "EY") as the auditors of the Company for the financial reporting in accordance with IFRS and the financial reporting in accordance with CAS purposes , at the AGM following the retirement of PwC and to hold office from the conclusion of the AGM until the conclusion of the next following annual general meeting of the Company, subject to the approval of the shareholders of the Company (the ''Shareholders'') at the AGM. PwC has been the auditors of the Company since 2014. Consistent with good corporate governance practice, the Board considers that change of auditors will help enhance the independence of the auditors and the effectiveness of the audit services. The Board is of the view that the proposal for appointing EY as auditors of the Company would be in the best interest of the Company and the Shareholders as a whole.

The Company is incorporated under the laws of Cayman Islands and to the knowledge of the Board there is no requirement under the laws of Cayman Islands for the retiring auditor to confirm whether or not there is any circumstance connected with their retirement which they consider should be brought to the attention of the Company's members and creditors. PwC has therefore not issued such confirmation. The Board has also confirmed that there are no disagreements or outstanding matters between the Company and PwC, and the Board is not aware of any other matters in relation to the change of auditors that need to be brought to the attention of the Shareholders.

An ordinary resolution will be proposed at the AGM to appoint EY as the auditors of the Company (the "Proposed Appointment") and authorize the Audit Committee to fix their remuneration. A circular containing, among other things, details of the Proposed Appointment together with the notice convening the AGM will be despatched to the Shareholders on or around 26 May 2021.

1

The Board would like to take this opportunity to express its sincere gratitude to PwC for their services rendered to the Company over the past years.

Semiconductor Manufacturing International Corporation

Gao Yonggang

Executive Director, Chief Financial Officer and Company Secretary

Shanghai, 13 May 2021

As at the date of this announcement, the directors of the Company are:

Executive Directors

ZHOU Zixue (Chairman)

CHIANG Shang-Yi(Vice Chairman)

ZHAO Haijun (Co-Chief Executive Officer)

LIANG Mong Song (Co-Chief Executive Officer)

GAO Yonggang (Chief Financial Officer and Company Secretary)

Non-executive Directors

CHEN Shanzhi

ZHOU Jie

REN Kai

HUANG Dengshan

LU Guoqing

Independent Non-executive Directors

William Tudor BROWN

LAU Lawrence Juen-Yee

FAN Ren Da Anthony

YOUNG Kwang Leei

LIU Ming

* For identification purposes only

2

3

Disclaimer

SMIC - Semiconductor Manufacturing International Corporation published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 13:04:01 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 5 442 M - -
Net income 2021 1 536 M - -
Net cash 2021 2 404 M - -
P/E ratio 2021 14,8x
Yield 2021 -
Capitalization 22 366 M 22 361 M -
EV / Sales 2021 3,67x
EV / Sales 2022 3,25x
Nbr of Employees 17 354
Free-Float 84,2%
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Semiconductor Manufacturing International Corporation Technical Analysis Chart | 981 | KYG8020E1199 | MarketScreener
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 2,83 $
Average target price 3,62 $
Spread / Average Target 27,9%
EPS Revisions
Managers and Directors
Hai Jun Zhao Co-Chief Executive Officer & Executive Director
Meng Song Liang Co-Chief Executive Officer
Yong Gang Gao Chairman, CFO & Executive VP
Mei Sheng Zhou Executive VP-Technology Research & Development
Xin Zhang Senior Vice President-Operations & Engineering
Sector and Competitors