TAIPEI -- China's top chipmaker Semiconductor Manufacturing International Corp. has hired a former senior executive from its biggest rival to be its vice chairman, in a move to bolster the Chinese chip industry against U.S. blacklisting and tightening export controls.
The move immediately sparked turmoil at SMIC, however, as Co-CEO Liang Mong-song reportedly quit unexpectedly the following day. The chipmaker suspended trading of its shares in Hong Kong on Wednesday morning, saying it would make a "major announcement" later in the day. Its Shanghai shares were trading as normal but fell as much as 10% at one point in early morning trading.
