SMIC announces Gao Yonggang resigns as Chairman of the company, and Liu Xunfeng takes over

Gao Yonggang resigns as Chairman of SMIC, Liu Xunfeng takes over

【Phoneauto News】SMIC International announced in a statement on the Hong Kong Stock Exchange that Dr. Gao Yonggang has resigned from his positions as Chairman of the Board, Executive Director, and Chairman of the Nomination Committee due to work adjustments. Dr. Liu Xunfeng, Vice Chairman of the Board, Executive Director, and member of the Nomination Committee, has been appointed as the new Chairman of the Board, Executive Director, and Chairman of the Nomination Committee. The personnel change is effective immediately.

SMIC International stated that Dr. Gao has confirmed that he has no differences of opinion with the Board and no other matters related to his resignation as an Executive Director need to be brought to the attention of the company’s shareholders. The Board hereby expresses its gratitude to Dr. Gao for his outstanding contributions to the company during his tenure.

During the SMIC International 2023 Shareholders’ Meeting held in June this year, Gao Yonggang stated that the platform and compensation provided by the company are highly competitive in the domestic talent market. The talent attrition rate was low last year, and this year the company is able to retain key talents. According to him, among the company’s current 20,000 employees, over 10,000 are engineering and technical talents, making it the chip foundry with the largest talent accumulation in China. Next, SMIC International plans to use these over 20,000 existing employees to train and bring in 3,000 to 5,000 new employees. At the same time, it will organize new employees from its Tianjin and Shenzhen factories to receive centralized training at the Beijing factory, and then return to the new factories for construction and future production operations.

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SMIC International’s financial report shows that the company’s revenue for the first half of the year is estimated to be $3 billion, and the full-year revenue is expected to be $6.5 billion, with a gross margin of 20%. Capital expenditure is expected to be roughly the same as last year. It is understood that SMIC International will disclose its second quarter 2023 performance after the trading session on August 10, 2023, and plans to hold a “Second Quarter 2023 Performance Briefing” on August 11, 2023.

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