Niuniu knocked on the blackboard:

On July 4th, Semiconductor Manufacturing International Corporation (688981), the largest and most advanced wafer foundry on the mainland, announced the sudden departure of a core technical staff: Wu Jingang, a core technician and vice president of technology research and development who has worked in the company for 20 years, resigned!

It is worth mentioning that a reporter from Securities Times e Company noticed that in the list of partial incentive targets granted for the first time in the latest equity incentive plan released by Semiconductor Manufacturing International Corporation on May 20, Wu Jingang, as one of the company's two core technicians, obtained 160000 restricted shares of the company, corresponding to the current share price of Semiconductor Manufacturing International Corporation, which has a market value of nearly 10 million yuan, while the grant price is only 20 yuan per share. In 2020, Wu Jingang received a total salary of 2.141 million yuan from Semiconductor Manufacturing International Corporation.

In this regard, Semiconductor Manufacturing International Corporation said in the announcement that at present, the company's technological research and development work is normal, and the departure of Dr. Wu Jingang has not had a significant adverse impact on the company's overall R & D strength.

The vice president of technology research and development quit!

On July 4, Semiconductor Manufacturing International Corporation announced that Dr. Wu Jingang, the company's core technical staff, recently applied for resignation and completed the departure procedures for personal reasons. After leaving office, Dr. Wu Jingang will no longer hold any position in the company. At present, the technical research and development of the company is carried out normally, and the departure of Dr. Wu Jingang has not had a significant adverse impact on the overall R & D strength of the company.

According to the announcement, Wu Jingang joined Semiconductor Manufacturing International Corporation in 2001, served as assistant director, director and senior director from 2001 to 2014, and served as vice president of technology research and development since 2014. during his tenure, he was responsible for participating in the R & D and management of the company's FinFET advanced process technology.

According to Semiconductor Manufacturing International Corporation's 2020 annual report, Wu Jingang, 53, worked at the Industrial Technology Research Institute of Japan's Ministry of Industry and Industry from 1995 to 2001, received a Bachelor of Science degree from Huazhong Institute of Technology (now Huazhong University of Science and Technology) in 1988, and received a doctorate in physical chemistry from Lanzhou Institute of Chemical Physics, Chinese Academy of Sciences in 1995. In 2020, Wu Jingang received a total compensation of 2.141 million yuan from Semiconductor Manufacturing International Corporation.

According to the labor contract, confidentiality agreement or terms and restrictions on business competition signed between the company and Dr. Wu Jingang, Wu Jingang may not help, work for, be employed, provide services, supply products or act as a competitor of the company for 12 months from the day after his departure. Do not join or provide services to any company that competes with the company's business, including, but not limited to, as its investor, shareholder, director, supervisor, manager, consultant or any other role.

Semiconductor Manufacturing International Corporation said that during his tenure in the company, Dr. Wu Jingang participated in the research and development of the company, during which the patents applied for were not those of a single inventor and were all service inventions. The ownership of the aforementioned patents belongs to the company, there are no disputes or potential disputes involving patents, and their departure does not affect the integrity of the company's patent rights.

"at present, Dr. Wu Jingang has completed the handover with the R & D team, and the company's core technical personnel and R & D team can support the continuous R & D of the company's core technologies in the future. Semiconductor Manufacturing International Corporation said that through long-term technological accumulation and development, the company has established a complete R & D system, forming an expanding excellent R & D team and a deep talent reserve, and the company has a talent base for maintaining technological advancement and continuous innovation. at present, the company's technological R & D work is carried out normally, and the departure of Dr. Wu Jingang has not had a significant adverse impact on the company's overall R & D strength.

In 2018, 2019 and 2020, the number of Semiconductor Manufacturing International Corporation R & D personnel was 2096, 2530 and 2335, accounting for 11.86%, 16.02% and 13.50% of the total employees, respectively. The number of R & D personnel remained stable.

Give up restricted stocks with a market value of nearly 10 million yuan

The reporter noticed that in the near future, on May 20, Semiconductor Manufacturing International Corporation just announced a new equity incentive plan and launched a "retention" war.

According to the new equity incentive plan, the first grant accounts for 90% of the total, and belongs in stages within five years from the date of the first grant. In the first phase of the grant list, Wu Jingang, as one of Semiconductor Manufacturing International Corporation's two core technicians, received 160000 restricted shares in the company, accounting for 0.21% of the total restricted shares granted.

The first award price of this incentive plan is 20 yuan per share, which is determined by 36.46% of the average trading price of 54.86 yuan for A-shares of the company on the first trading day before the announcement of the plan. This means that Wu Jingang will acquire this part of the restricted stock corresponding to the market capitalization of Semiconductor Manufacturing International Corporation's stock at that time at 8.78 million yuan.

As of the evening of July 4, Semiconductor Manufacturing International Corporation's latest closing price was 58.13 yuan per share. Based on this calculation, the market value of these restricted shares is about 9.3 million yuan.

According to the equity incentive plan, if the incentive object leaves, the restricted stock that has been granted but has not yet been vested from the date of departure shall not be vested and invalidated. It can be seen that Wu Jingang's resignation means that he automatically gave up the 160000 restricted shares.

In terms of quantity, compared with other Semiconductor Manufacturing International Corporation directors, senior managers, and core technical personnel, Wu Jingang was awarded a small number of restricted shares this time, the same number as Guo Guangli, secretary of the board of directors and vice president of Semiconductor Manufacturing International Corporation. Compared with Zhang Xin, another core technical staff of the company, Zhang Xin, senior vice president of operations and engineering and director of the company's subsidiary, Wu Jingang received only half the number of restricted shares.

In addition, from this issue of the equity incentive plan, outsiders also see that Semiconductor Manufacturing International Corporation has made a greater determination to retain the company's "soul" Jiang Shangyi and Liang Mengsong.

Jiang Shangyi, vice chairman and executive director of Semiconductor Manufacturing International Corporation, and Liang Mengsong, co-CEO, executive director and core technical staff, were respectively awarded 400000 Semiconductor Manufacturing International Corporation restricted shares worth up to 24 million yuan.

The two souls of Semiconductor Manufacturing International Corporation

Jiang Shangyi, 74, received a bachelor's degree in electrical engineering from National Taiwan University in 1968, a master's degree in electrical engineering from Princeton University in 1970 and a doctorate in electronic engineering from Stanford University in 1974. After graduation, he worked for Texas Instruments Inc and Hewlett-Packard. In 1997, Jiang Shangyi returned to Taiwan as vice president of research and development of Taiwan Semiconductor Manufacturing Co Ltd. Jiang Shangyi joined Semiconductor Manufacturing International Corporation for the first time in December 2016 as an independent non-executive director. In June 2019, Semiconductor Manufacturing International Corporation announced that Jiang Shangyi would not be re-elected for personal reasons and other work commitments. On December 15, 2020, Jiang Shangyi returned to Semiconductor Manufacturing International Corporation.

Liang Mengsong has a PhD in Electrical Engineering from the University of California, Berkeley. After graduation, he worked at AMD, a major American processor manufacturer, for several years. He returned to China at the age of 40 (1992) to join Taiwan Semiconductor Manufacturing Co Ltd.Liang Mengsong has 35 years of experience in the semiconductor industry, and has successively engaged in the research and development of chip manufacturing processes in AMD, Taiwan Semiconductor Manufacturing Co Ltd and Samsung. It is no exaggeration to say that Liang Mengsong is a "veteran of the semiconductor industry", "industry legend" and "national treasure figure". He has been given numerous names by the industry and led Semiconductor Manufacturing International Corporation to leap five generations from 28nm to 5nm.

Prior to this, Semiconductor Manufacturing International Corporation's current joint CEO Liang Mengsong resigned on December 15, 2020, but judging from the equity incentive plan disclosed so far, Semiconductor Manufacturing International Corporation basically retained Liang Mengsong and Jiang Shangyi through multiple efforts.

In his previous resignation statement, Liang Mengsong made it clear that in the three years since he joined Semiconductor Manufacturing International Corporation, he had basically not taken a vacation, leading Semiconductor Manufacturing International Corporation to progress from 28nm to 7nm, which would take 10 years for other companies to complete.

At present, Semiconductor Manufacturing International Corporation has achieved the 14nm process capacity construction target of 15000 wafers per month, and the next focus is on the nasty 1 and nasty 2 generation processes. Although the official has not disclosed the specific number, the industry believes that the nasty 1 process is about 8 to the 10nm node, while the nasty 2 process is the 7nm node.

Semiconductor Manufacturing International Corporation is the largest and most advanced wafer foundry on the mainland, with an annual revenue of more than 27 billion yuan, while Taiwan Semiconductor Manufacturing Co Ltd is the largest and most advanced wafer foundry in the world, with annual revenue of more than 300 billion yuan. Semiconductor Manufacturing International Corporation is still a long way from Taiwan Semiconductor Manufacturing Co Ltd in terms of volume. However, at the shareholders' meeting a few days ago, Semiconductor Manufacturing International Corporation Co-CEO Zhao Haijun said: "comparing different companies, I think it is more practical to focus on what both sides can do." Each process is like the carriage of a train, advanced process and mature process are important parts of the train. "