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China tech

China's top chipmaker hires sought-after former TSMC executive

Industry veteran Chiang Shang-yi to guide SMIC through US sanctions

SMIC is China's biggest contract chipmaker and a key part of Beijing's goal of building a domestic semiconductor ecoystem. (Photo courtesy of SMIC)

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.

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