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SMIC sees chip industry 'correction' lasting till 2023 as it reshuffles board

Top China chipmaker loses foreign directors amid U.S.-China tensions

TAIPEI -- Semiconductor Manufacturing International Co. on Friday said the chip industry is in the midst of a "severe correction" that will last until at least the first half of 2023 as China's top chipmaker further reshuffled its board to give it a more domestic focus.

SMIC, which has been blacklisted by the U.S. over alleged links to China's military, announced that two of its board members have resigned, leaving the company with no international figures among its directors.

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