China’s Top Chipmaker Slides After Co-CEO Abruptly Quits
- SMIC says it’s looking into the reports on online media
- The company lies at the heart of China’s chipmaking ambitions
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Semiconductor Manufacturing International Corp. shares fell after news emerged about the surprise resignation of a top executive who spearheaded the rapid technological ascent of China’s largest chipmaker.
SMIC is trying to reach co-Chief Executive Officer Liang Mong Song after online media circulated a resignation letter they said originated with the industry veteran. Liang quit after SMIC appointed a vice chairman without consulting him, according to the reports. The company is attempting to clarify his intentions, it said in an exchange filing without elaborating. Liang couldn’t immediately be reached for comment.