According to the HKSE announcement, SMIC announced that the Board of Directors has proposed to grant 277,500 restricted share units to H.M. Ng, an independent non-executive director, under the 2014 Equity Incentive Plan, subject to the approval of the independent shareholders at the AGM.
Each restricted share unit to be granted to Mr. Ng represents the right to receive one Hong Kong share on its vesting date.
The announcement stated that the market value of the proposed grant of restricted share units is approximately HK$4,201,350 (approximately RMB3.56 million) as measured by reference to the closing price of HK$15.14 per Hong Kong share as quoted on September 5.
SMIC stated that the proposed grant of restricted share units to Academician Wu is intended to enhance shareholder value by attracting, retaining and motivating Academician Wu to devote himself to the long-term development of the Group and by further maintaining the sharing of interests between the Directors and the Company.
On August 11 this year, SMIC appointed Academician H.M. Wu as a Class I independent non-executive director, a member of the Nomination Committee and a member of the Strategy Committee of the Board of Directors of the Company.
Information shows that Wu Hanming, born in 1952, is an academician of the Chinese Academy of Engineering and worked at Intel from 1999 to 2001 and at SMIC from 2001 to 2018, among others.
He has worked in China’s IC chip industry for a long time and made outstanding contributions. He presided over and participated in the research and development of seven generations of large production process technologies for chips from 0.13 micron to 14 nm, including national major special projects, and overcame a series of key process difficulties, including etching, and the gap with the world’s advanced level was significantly reduced. Supported the development of China’s first mass-production plasma etcher with theoretical models.
