SMIC announced on the Hong Kong Stock Exchange that the board of directors announced that on September 5th, the company proposed to grant 277,500 restricted stock units to independent non-executives under the 2014 share-based compensation plan. Director Wu Hanming, subject to independent shareholders' approval at the general meeting. Each RSU to be granted to Academician Wu represents the right to receive one Hong Kong share on its vesting date.
According to SMIC's announcement, based on the closing price of HK$15.14 per Hong Kong stock quoted by the Hong Kong Stock Exchange on September 5, 2022, the market value of the proposed grant of restricted stock units is approximately HK$4,201,350. The proposed grant of RSUs to Academician Wu is aimed at attracting, retaining, and motivating Academician Wu to commit to the long-term development of the Group, and to enhance shareholder value by further maintaining the sharing of interests between the Directors and the Company.
At the end of August this year, SMIC released its 2022 interim results announcement: in the first half of the year, revenue was US$3.745 billion, a year-on-year increase of 53%; net profit was US$960 million, a year-on-year increase of 13.6%.
Headquartered in Shanghai, China, SMIC has a global manufacturing and service base with three 8-inch fabs and three 12-inch fabs in Shanghai, Beijing, Tianjin, and Shenzhen; A 12-inch fab is under construction. SMIC also has marketing offices and customer service in the United States, Europe, Japan, and Taiwan, as well as a representative office in Hong Kong.
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