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Former TSMC executive to join Chinese rival

Chipmaker veteran to sit on SMIC board, highlighting Beijing's ambitions

Chiang Shang-yi, pictured, was a right-hand man for TSMC chairman and founder Morris Chang. (Photo courtesy of Industrial Technology Research Institute)

TAIPEI -- A former senior executive from Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, is set to join China's Semiconductor Manufacturing International Co. as an independent board member. The move comes at a time when China is working aggressively to build its own semiconductor sector to reduce reliance on foreign chip companies.

SMIC said on Wednesday that it will pay Chiang Shang-Yi, former TSMC co-chief operating officer, an annual salary of $40,000 in cash and an additional 187,500 shares in common stock and another 187,500 shares in restricted stock. Shares in Hong Kong-listed SMIC closed at 10.38 Hong Kong dollars on Wednesday.

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