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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

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China's top chipmaker SMIC says top executive, board members quit

11/12/2021 | 01:44am EST
FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai

SHANGHAI, Nov 12 (Reuters) - China's largest chipmaker, Semiconductor Manufacturing International Corp, said its vice-chairman has resigned in a leadership reshuffle less than a year after he took the role.

Chiang, a former research director at Taiwan's TSMC , joined SMIC in late December. The company said he had resigned from his vice-chairman position as well as from the board with effect from Thursday in order to spend more time with his family.

His departure comes just two months after SMIC's chairman, Zhou Zixue, also resigned, citing health reasons.

Besides Chiang, three other members resigned from the board, including co-chief executive officer Liang Mong Song, who had threatened to quit https://www.reuters.com/article/china-smic-idCNL1N2IW04F in December last year. He would remain in his executive role, SMIC said.

The resignations were not due to any disagreements with the board and the company did not expect the moves to have a material impact on its operations, it said.

SMIC, China's largest contract chipmaker which is partly backed by a state-affiliated chip fund, is at the forefront of China's charge to catch up with Japan, South Korea and the United States in chip technology.

The company is on a U.S. blacklist that denies it advanced manufacturing equipment from U.S. suppliers due to its alleged ties to China's military, claims SMIC rejects.

The measures disrupted the company's plans to move into high-end chip making, but its financial performance has been strong as a global chip shortage has boosted demand.

Its third-quarter profit rose 22.6%.

On Friday, it said it had registered a joint venture company for a $8.87 billion deal it has to build a chip plant in Shanghai. It first announced the capacity expansion plan in early September. (Reporting by Brenda Goh; Editing by Stephen Coates and Gerry Doyle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 1.46% 19.46 End-of-day quote.4.29%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.46% 651 End-of-day quote.5.85%
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Financials
Sales 2021 1 586 B 57 302 M 57 302 M
Net income 2021 592 B 21 376 M 21 376 M
Net cash 2021 314 B 11 340 M 11 340 M
P/E ratio 2021 28,5x
Yield 2021 1,63%
Capitalization 16 621 B 602 B 601 B
EV / Sales 2021 10,3x
EV / Sales 2022 8,19x
Nbr of Employees 48 752
Free-Float 93,6%
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Taiwan Semiconductor Manufacturing Company Limited Technical Analysis Chart | 2330 | TW0002330008 | MarketScreener
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Mean consensus BUY
Number of Analysts 33
Last Close Price 651,00 TWD
Average target price 845,30 TWD
Spread / Average Target 29,8%
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Managers and Directors
Che Chia Wei Vice Chairman & Chief Executive Officer
Wendell Huang Chief Financial Officer & Vice President
Te Yin Liu Chairman
Yung Ching Hou Senior Director-Design Technology Division
J. K. Lin SVP-Information Technology & Materials Management
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