SMIC Makes the Right Move With New CEO 中芯国际终於明智换帅
After a tumultuous few months that saw its shares lose half their value amid an internal power struggle, leading Chinese microchip maker SMIC (HKEx: 981; NYSE: SMI) has finally made a smart move by naming an apparently capable outsider as its new CEO (company announcement). The appointment was followed just days later by another announcement of the resignation of a troublesome COO who started the chaos by using Cultural Revolution-style tactics to force out a perfectly capable CEO as he tried to pursue the top position for himself. I have to congratulate SMIC’s major shareholder Datang for finally doing the right thing by getting rid of the former COO, Simon Yang (Yang Shining), who earlier convinced Datang to oust previous CEO David Wang, whose only “fault” was managing to return SMIC to profitability after four years of continuous losses. Datang was probably irked when it realized its mistake in ousting Wang, and was also probably upset when its investment lost half of its market value due to the ill conceived decision. New CEO Tzu-Yin Chiu’s arrival at SMIC from the top position at crosstown rival Huahong NEC means a possible merger between these two companies — rumored for years — could finally move forward as their stakeholders seek to create the world’s a new major chip maker that can compete more effectively with Taiwanese leaders TSMC (Taipei: 2330) and UMC (Taipei: 2303). I would look for a rebound in SMIC’s battered shares in the weeks ahead as markets grow more confident that the power struggle is truly over, and then wouldn’t be surprised to see SMIC continue its slow but steady rise that began under Wang’s leadership more than a year ago. We could even see the long-awaited merger with Huahong NEC in the next year, as both Chiu and SMIC’s recently named new Chairman Zhang Wenyi both have strong ties to the company.
Bottom line: The naming of a competent new CEO and departure of a troublesome COO will help to gradually restore investor confidence in SMIC.
中芯国际<0981.HK><SMI.N>近几个月因内部权力之争导致其股票缩水一半，该公司最终作出明智决定，任命邱慈云为其首席执行官（CEO）。几天后，中芯国际首席运营官（COO）杨士宁辞职。杨士宁曾使用计谋迫使前CEO王宁国辞职，试图自己夺得这一职位，中芯国际管理层随後陷入混乱。我要祝贺中芯国际大股东大唐终於做出正确决策，令杨士宁出局。杨士宁此前曾说服大唐赶走王宁国，而王宁国的唯一“错误”是，在中芯国际连续四年亏损後，设法使公司扭亏为盈。当大唐意识到不应辞掉王宁国後，可能会感到懊恼，而因为这个考虑欠妥的决定，导致其投资市值损失一半时，大唐或许还感到很沮丧。邱慈云从华虹NEC来到中芯国际，意味着两家公司合并或最终有望推进，这一传言已持续多年。其股东希望借此创建全球新的大型芯片制造商，从而更有效地与台积电<2330.TW>和台湾联华电子<UMC.N>竞争。我预计，由於中芯国际权力之争最终尘埃落定，市场信心将逐渐恢复，未来几周公司股价有望反弹，届时，中芯国际继续缓慢稳步增长将不足为奇。华虹NEC和中芯国际甚至有望明年合并，因邱慈云和中芯国际近期任命的主席张文义均与华虹NEC渊源颇深。
一句话：中芯国际COO杨士宁离职，邱慈云出任CEO，将有助於逐步恢复投资者信心。
Related postings 相关文章:
◙ SMIC: Consolidation Ahead 中芯国际任命新高管 或有助於业内合并
◙ SMIC Transition Begins, Instability Ahead 中芯国际高层大动荡 公司或将陷入混乱
◙ SMIC Top Management in Throes of Power Struggle 中芯国际管理层陷入权力之争
