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Chief executive quits troubled $18.5bn Chinese chipmaker

Wuhan's HSMC lost industry vet Chiang Shang-yi as funding failed to materialize

HSMC is part of a recent boom in the Chinese mainland’s semiconductor industry as Beijing prioritizes self-sufficiency in key tech areas affected by tensions with Washington.

Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC), an $18.5 billion company that aimed to become one of China's leading high-tech chipmakers, lost its chief executive amid a cash crunch that pushed the company to the verge of collapse.

Chiang Shang-yi, a semiconductor industry veteran who became the CEO and general manager of HSMC in July 2019, resigned from all posts at the Wuhan-based company in July, a lawyer's statement viewed by Caixin shows.

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