Dad Jiang is gone! Vice Chairman Jiang Shangyi's term of office is less than one year. In order to accompany his family, he gave up his annual salary of 4 million yuan.
What is even more surprising is that on the evening of the 11th, there was another wave of personnel earthquakes in the chip giant SMIC . Liang Mengsong resigned as the company's director and full-time co-CEO. So far, all TSMC's old generals, including Jiang Shangyi, Liang Mengsong, all withdrawn from the company's board of directors.
Daddy Jiang is gone! SMIC has a major personnel earthquake
Jiang Shangyi, who resigned as vice chairman of SMIC,
In order to accompany his family, he gave up his annual salary of 4 million yuan. Jiang's father left, and Jiang's father didn't want to do it anymore.
According to Securities Daily, on the evening of November 11, SMIC issued the "Announcement on the resignation of vice chairman, executive director, non-executive director, independent non-executive director and change of remuneration committee and audit committee members", which disclosed a high-level personnel earthquake that attracted great attention from the market.
"Because of wanting to have more time to accompany your family", Dr. Jiang Shangyi resigned as vice chairman, executive director and member of the Board of Directors' Strategic Committee, which will take effect from November 11, 2021. It is worth mentioning that the announcement specifically emphasized: "Dr. Jiang has confirmed that he has no differences of opinions with the board of directors, and no other matters related to his resignation as vice chairman and executive director must be brought to the attention of our shareholders."
SMIC, Jiang Shangyi, who is the leader in domestic chip manufacturing and known as "Bather Jiang", is a former veteran of TSMC's R&D. Jiang Shangyi, who has gone through a short "retirement" career for several months, has returned to serve as vice chairman of SMIC, and has been in office for less than one year.
gave up his annual salary of 4 million just to accompany his family? What's more, on July 19 this year, SMIC proposed a stock incentive plan, awarding 67.5352 million restricted shares to 3,944 incentive targets at a grant price of 20 yuan per share, including Vice Chairman Jiang Shangyi and Co-CEO Liang Mengsong who received 400,000 shares of stock incentive plan.
3 Co-CEO Liang Mengsong, who resigned as executive director, SMIC co-CEO
html In the announcement released by SMIC on the evening of the 311th, in addition to the departure of Jiang's father, it also disclosed information on the resignation of Liang Mengsong, Zhou Jie, and Yang Guanglei's resignation related positions, and also released information on the appointment of Fan Renda, Liu Ming, , and Liu Zunyi.
Similar to Jiang Shangyi, SMIC's personnel adjustments to Liang Mengsong, Zhou Jie and Yang Guanglei not only emphasized that "these changes have no significant impact on the company's business management", but also "the board of directors would like to express his gratitude to Dr. Jiang, Dr. Liang, Mr. Zhou and Dr. Yang for their valuable contributions to the board of directors"; they also emphasized one by one that "it has been confirmed that they have no differences of opinions from the board of directors."
The most popular market concern is the change in Liang Mengsong's resignation as the company's executive director. The announcement stated that "in order to focus on fulfilling his duties as the company's co-CEO, he resigned as executive director, which will take effect from November 11, 2021." Although Liang Mengsong resigned as the company's executive director, he still continues to serve as the co-CEO of SMIC.
In December 2020, when Jiang Shangyi was appointed as vice chairman of SMIC, Liang Mengsong once submitted his resignation, but he remained there later, which aroused great attention from the outside world.
SMIC acting chairman and chief financial officer Gao Yonggang
311 announcement on the evening of the evening of SMIC also disclosed other personnel changes. Zhou Jie resigned as a non-executive director, member of the Remuneration Committee and member of the Board of Directors Audit Committee, effective from November 11, 2021.
In order to focus on other businesses, Dr. Yang Guanglei resigned as an independent non-executive director and member of the Remuneration Committee, which will take effect from November 11, 2021.
In addition, the independent non-executive director Mr. Fan Renda and Dr. Liu Ming were appointed as members of the Remuneration Committee, and the independent non-executive director Professor Liu Zunyi was appointed as members of the Audit Committee, both effective on the same day.
It is worth mentioning that on the 11th, the SMIC's third-quarter financial report released showed that as of September 30, 2021, SMIC's third-quarter sales revenue was US$1.4153 billion, a year-on-year increase of 30.7% and a month-on-month increase of 5.3%.
At the SMIC 2021 third quarter performance exchange meeting, Gao Yonggang, acting chairman and chief financial officer of SMIC, said that if the company's announcement content, the four directors proposed to resign, and the company respected the opinions of resigning directors. I would like to thank them for their contribution to the development of SMIC. Gao Yonggang revealed: Dr. Liang Mengsong will focus on the company's joint CEO responsibilities, and Dr. Jiang Shangyi will serve as the company's consultant. The company's board of directors is currently composed of 11 people, which is basically the same as the board of directors of other companies in the industry. The company will not increase the number of directors in the short term. The above changes have no significant impact on the company's operations and management.
Executive Director of SMIC Zhou Zixue
75-year-old Jiang Shangyi has been serving as vice chairman of SMIC for less than a year. This time, he resigned from the vice chairman of SMIC, the second category executive director and member of the strategic committee. Many people will have questions. Is it just to "accompany his family"?
Jiang Shangyi is a PhD in the Department of Electronic Engineering at Stanford University. In his early years, he worked in R&D for a long time in Texas Instruments and HP . In 1997, he joined TSMC as vice president of R&D and chief operating officer (COO). After retirement, he served as consultant to the chairman of TSMC.
During his tenure at TSMC, Jiang Shangyi and others established a world-class R&D team for TSMC, and developed advanced processes from various generations, including 0.25 microns to 40 nanometers. Previously, Jiang Shangyi served as an independent director of SMIC and CEO of Wuhan Hongxin Semiconductor.
Jiang Shangyi was the supervisor of Liang Mengsong when he was at TSMC. Liang Mengsong, who just resigned as executive director of SMIC but continued to serve as co-CEO, is also a former R&D general of TSMC. He serves as the senior R&D director of TSMC and is also a promising R&D expert within TSMC. He left TSMC in early 2009 and led several members of the FinFET team to the South Korean Samsung , and served as the deputy general manager of Samsung R&D. Some people believe that it was Liang Mengsong's investment in Samsung that caused the technological gap between Samsung and TSMC to rapidly shorten.
Previously, TSMC sued Liang Mengsong on the grounds of leaking business secrets. Later, Liang Mengsong returned to Samsung to serve after the court ruled until the 2015 ban on competition ended. In October 2017, Liang Mengsong was "poached" by SMIC and became co-CEO.
On December 15 last year, when SMIC appointed Jiang Shangyi as vice chairman, it was announced that Jiang Shangyi had the right to receive US$670,000 (approximately RMB 4.28 million) and annual rewards based on the employment contract. At that time, Liang Mengsong's "resignation letter" was circulated in the market: ", I was very surprised and puzzled about this, because I had no knowledge of this matter in advance. I deeply felt that I was no longer respected or distrustful. " and the subsequent announcement of SMIC also showed that Liang Mengsong "had no reason to abstain from the appointment of Jiang Shangyi.
According to Meike News, SMIC later presented Liang Mengsong with a property worth RMB 22.5 million. But after this incident, another wave of personnel changes occurred in SMIC. Zhou Zixue resigned as chairman, but remained as the company's executive director and Chief Financial Officer Gao Yonggang acted as chairman of the company.
Jiang Shangyi (left) when he was working at TSMC
Jiang’s father is gone! Jiang Shangyi seems to have not gone far away. According to information revealed by Gao Yonggang, acting chairman and chief financial officer of SMIC, he will still serve as an advisor to SMIC. Previously, after TSMC retired, he also served as the consultant to the chairman of TSMC.
Let me talk about Dr. Yang Guanglei, who just resigned as independent non-executive director and member of the Remuneration Committee of SMIC. He, Jiang Shangyi and Liang Mengsong, are also old colleagues of TSMC, and have also served as director of TSMC's R&D Department.
Among the four people who resigned on November 11, Jiang Shangyi, Liang Mengsong and Yang Guanglei were all former players of TSMC. As they resigned as relevant positions on the board of directors of SMIC, there is no director of TSMC's background in SMIC's board of directors, which is also the biggest highlight of the major personnel changes in SMIC.
Last year, TSMC veteran Jiang Shangyi returned to the nest, and SMIC CEO Liang Mengsong resigned angrily. After this personnel storm that shocked the outside world, many people were a little happy. Jiang Shangyi, Liang Mengsong and Yang Guanglei "combined" and is beneficial to the development of SMIC. In less than a year, all three of them withdrew from the board of directors. Does it fit the old saying, "A mountain cannot accommodate three tigers"?
Objectively speaking, the newly released SMIC Q3 transcript is still satisfactory. According to the Q3 financial report released by SMIC, production continuity is currently basically stable, with the annual revenue growth target being raised to about 39%.
We know that this hard-earned transcript is facing a complex situation. SMIC's management commented on Q3 financial report: Since SMIC was included in the "entity list" by the United States, the company's production and operation have faced huge challenges. Since the beginning of the year, we have focused on two major key points: ensuring production continuity and continuous capacity expansion, reorganizing the supply chain, and finding ways to optimize procurement processes, accelerate supplier verification, improve production planning and engineering management . At present, the production continuity has been basically stable, the expansion of mature processes is progressing in an orderly manner, and the overall expansion progress is reached as scheduled; the advanced process business has also steadily improved. Starting from the second quarter, in response to the shortage of production capacity, we further clarified the capacity allocation strategy. In order to support the needs of customers, we will allocate production capacity in an orderly manner and optimize production scheduling, and look at the actual terminal needs from the perspective of the whole machine factory, and do our best to solve the problem of customer chip shortage.
3 has been serving as vice chairman for less than a year. Why doesn’t Dad Jiang want to do it?
SMIC
SMIC is a domestic chip manufacturing giant that lists in both the Hong Kong Stock Exchange (00981) and the Shanghai Stock Exchange Science and Technology Innovation Board (688981). It is headquartered in Shanghai. SMIC is one of the world's leading integrated circuit wafer foundry companies, and is also the most advanced technology, most complete supporting, largest scale and multinational integrated circuit manufacturing enterprise group in mainland China. It provides wafer foundry and technical services for different technical nodes of 0.35 micron to 14 nanometers.
Currently, SMIC has built a 200mm wafer factory in Shanghai and a 300mm advanced process joint venture wafer factory with actual control. In Beijing, SMIC has built a 300mm wafer factory and a controlled 300mm joint venture wafer factory, a 200mm wafer factory in Tianjin, and a controlled 200mm wafer factory in Shenzhen.
founder of SMIC, is a Chinese American Zhang Rujing . At first, Zhang Rujing founded "Shida Semiconductor", and later the company was sold to TSMC by its major shareholder. Zhang Rujing, who resigned in anger, later founded SMIC in Zhangjiang Science and Technology Park in Shanghai by chance.
Zhang Rujing has a development vision of SMIC, which is to benchmark TSMC, hoping to make SMIC a global chip leader like TSMC.In the "Zhang Rujing era", SMIC was the top three chip foundry in the world in 2009, and there was only a two-year gap between the leader TSMC in terms of process and process. Later, after being sued by TSMC, SMIC, after losing the lawsuit, suffered a lot of trouble due to the lawsuit, so Zhang Rujing had to resign.
SMIC is "born at the right time", but it is also "unlucky", especially the continuous personnel earthquakes, which greatly consumed the "energy" of the company's development, which is very regrettable!
Chairman Jiang Shangzhou, who took over Zhang Rujing, died in more than a year of office. Since then, the major shareholders of SMIC have had factional internal struggles due to a dispute over control. The result of internal friction is often both sides of the country. Former CEO Wang Ningguo, who was born in mainland China, grew up in Taiwan and returned after success in the United States, was also forced to leave. After Zhang Wenyi of Huahong Group acted as chairman of SMIC, the struggle between shareholders has not stopped. Later, the CEO of Yang Shining and Qiu Ciyun also left. Frequent personnel changes and shareholder struggles have caused SMIC to suffer the biggest losses in 10 years, and the gap with the industry overlord TSMC is getting wider and wider.
Jiang Shangyi (right) and TSMC Wei Zhejia (left)
You might as well say more. After the World Large Medium Circuit was acquired by TSMC in 2000, it led more than 100 engineers to Shanghai Pudong to build a 0.18 micron chip foundry. Dr. Wu Jingang, the core technical personnel and vice president of technical research and development of SMIC, who just resigned in July this year, joined SMIC at that time.
Dr. Wu Jingang has been at SMIC for 20 years, from assistant director, director, senior director and other positions to the position of vice president of technical research and development in 2014. He has participated in the development and management of FinFET (finfield-effect transistor) technology architecture. A problem arises in . Why did Dr. Wu Jingang leave SMIC, which has been with him for 20 years?
former co-operating director of TSMC, Jiang Shangyi retired from TSMC in 2013. He was appointed as the independent non-executive director of SMIC on December 20, 2016. After moving to Wuhan Hongxin as CEO in 2018, he introduced Dutch ASML extreme ultraviolet light (EUV) equipment at the end of 2019, but a crisis broke out the following year due to a break in the capital chain. He resigned from all positions in Wuhan Hongxin in June 2020 and returned to the SMIC to serve as vice chairman at the end of the year.
Since the beginning of this year, an unprecedented shortage of automotive chips has occurred in the world. According to reason, SMIC should have obtained a rare development opportunity. At this moment, why did Dad Jiang leave? Is it really to accompany my family?
Recently, media reports have continuously speculated that the reason for recruiting Jiang Dad is to hope that with his cooperation relationship with ASML at TSMC, he would expand the acquisition of semiconductor production equipment such as EUV machines. In March this year, SMIC announced that it would re-sign a contract with ASML on February 1 and sign a DUV machine order of about US$1.2 billion. SMIC can obtain 10 units. If the equipment fails to be delivered on schedule, will it affect the expansion of production capacity? At present, the newly built 12-inch wafer factory in Beijing is expected to be mass-produced in 2024. If the equipment cannot keep up, will it affect the established plan?
In addition, Taiwanese media also reported that Jiang's father had a desire to withdraw, which was related to his continued desire to promote the development of advanced packaging chiplet technology without obtaining support.
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