China's Biggest Chipmaker Rocked By Resignation Of 4 Directors

China's leading chipmaker is going through another massive leadership shake-up, Michelle Toh reported for CNN Business. Semiconductor Manufacturing International Corporation (SMIC) announced a wave of resignations in stock exchange filings Thursday evening.

Photo Insert: The SMIC headquarters

As many as four directors stepped down effective immediately, including Vice Chairman Chiang Shang-yi, who had joined the company just barely a year ago from Taiwanese chipmaking giant TSMC.

The news further clouds the outlook for SMIC, which has been trying to move forward after being blacklisted by the US last year. The company's former chairman, Zhou Zixue, also stepped down in September for personal health reasons.

SMIC has also been hit with a regulatory warning by the Shanghai Stock Exchange, which disclosed Thursday that its supervising body had sent SMIC a letter of "supervision."

The bourse did not elaborate on what that message entailed, or provide a reason behind it.

The announcements rattled investors: Shares of the company fell about 4% in both Shanghai and Hong Kong on Friday. The board now has 11 directors. Among those departing is Liang Mong Song, SMIC's current co-CEO.

The company said Liang plans to stay on in the executive role, and that his resignation as director was to focus more on his C-suite duties. Chiang, on the other hand, has cited a desire to spend more time with his family, according to the company.

Gao Yonggang, SMIC's acting chairman and chief financial officer, said Friday that Chiang would remain an adviser.

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