Chief executive quits troubled $18.5bn Chinese chipmaker

Chief executive quits troubled $18.5bn Chinese chipmaker

Wuhan’s HSMC lost industry vet Chiang Shang-yi as funding failed to materialize

Wuhan Hongxin Semiconductor Manufacturing Co. Ltd. (HSMC), an $18.5 billion company that aimed to become one of China’s leading high-tech chipmakers, lost its chief executive amid a cash crunch that pushed the company to the verge of collapse.

Chiang Shang-yi, a semiconductor industry veteran who became the CEO and general manager of HSMC in July 2019, resigned from all posts at the Wuhan-based company in July, a lawyer’s statement viewed by Caixin shows.

The executive proposed resigning in June for personal reasons, and the company acquiesced, the statement shows. Chiang confirmed the matter with Caixin.

Chiang called his days at HSMC an “unpleasant experience” that is “hard to describe in a few words.”

The 74-year-old Chiang is known for his deep experience and well-recognized expertise in chipmaking R&D. He studied at Princeton University and Stanford University and spent nearly 40 years in the industry.

Chiang was a veteran executive at Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest chipmaker by market value. He retired as TSMC’s executive vice president and co-chief operating officer in 2013 and served as adviser to the company’s chairman for two more years.