Investors in Semiconductor Manufacturing International (SMIC) expressed shock on Monday at a boardroom drama that has again left China’s biggest contract chipmaker by sales with an uncertain future.
Shares fell almost 10 per cent in Hong Kong in reaction to a rare public feud between two state-owned shareholders of SMIC over the past 18 days. It began when Jiang Shangzhou, SMIC chairman, died in late June and culminated in the resignation last week of David Wang, SMIC chief executive.
Rivalry between state enterprises or departments is common in China, but rarely does it play out as publicly and with as drastic consequences as this.
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