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Electronics Production | June 30, 2011

Trouble on all fronts for SMIC

China's biggest chip manufacturer Semiconductor Manufacturing International made several big announcements today: its chairman has died, the chief executive officer was voted off the board and trading of the company's shares has been suspended.
Shareholders rejected CEO David Wang’s reappointment as a board director. Apparently 58% of the votes cast at yesterday’s annual general meeting, opposed Wang’s reappointment, the company said. Also rejected were proposals to renew the board’s authority to issue new stock or repurchase shares.

Mr. Jiang Shang Zhou, the Chairman of the Board, passed away on 27 June 2011.

At the request of Semiconductor Manufacturing International Corporation, trading in the shares of the Company has been suspended with effect from 9:00 a.m. on Thursday, 30 June 2011 pending the release of price sensitive information.

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