SMIC shares fall
By Zhu Shenshen |
July 19, 2011, Tuesday
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Print Edition
Print Edition
SHARES of Semiconductor Manufacturing International Corp plunged almost 10 percent yesterday, the biggest fall in two months, because investors worried about the latest management shake-up of the Chinese mainland's biggest made-to-order chip maker.
Hong Kong-listed SMIC, also the world's No. 4 made-to-order chip maker, lost 9.5 percent to 57 HK cents (7 US cents) yesterday, compared with the benchmark Hang Seng Index's 0.3 percent decline.
Worries arose after David Wang, SMIC's former chief executive, resigned and former Chairman Jiang Shangzhou passed away.
Zhang Wenyi, a former top executive from Shanghai Hua Hong Group, has been appointed as SMIC's new chairman and acting CEO.
Hong Kong-listed SMIC, also the world's No. 4 made-to-order chip maker, lost 9.5 percent to 57 HK cents (7 US cents) yesterday, compared with the benchmark Hang Seng Index's 0.3 percent decline.
Worries arose after David Wang, SMIC's former chief executive, resigned and former Chairman Jiang Shangzhou passed away.
Zhang Wenyi, a former top executive from Shanghai Hua Hong Group, has been appointed as SMIC's new chairman and acting CEO.
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