Shares in China’s biggest chipmaker fell sharply after it said it was “verifying” reports that its co-chief executive had abruptly quit, in what would be the latest blow to the company following US sanctions.
Semiconductor Manufacturing International Corporation’s stock at one point fell nearly 10 per cent in both Shanghai and Hong Kong on Wednesday after the group said that it had “noticed media reports” that Liang Mong-song, co-chief executive, had resigned.
“The company understands that Dr Liang wishes to resign under certain conditions . . . and is actively verifying Dr Liang’s true intentions,” SMIC said in a filing to the Shanghai stock exchange.
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