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SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
(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.
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
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:
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)
Independent Non-executive Directors
William Tudor BROWN
LAU Lawrence Juen-Yee
FAN Ren Da Anthony
YOUNG Kwang Leei
* For identification purposes only
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.