Former TSMC general Meng-Song Liang not only did not leave SMIC, but also upgraded his treatment.

SMIC co-CEO Meng-Song Liang did not leave his post, but not only received a significant pay raise but also a house. According to SMIC’s 2020 financial results, running director and co-CEO Meng-Song Liang’s remuneration (salary and bonus) was 4.5 times higher than the previous year, and he received a house worth $3.4 million.

Fast Tech reports that in the executive compensation breakdown, it shows that Meng-Song Liang received a total compensation of US$4.93 million in 2020, the most of all director executives, compared to 2019, when Meng-Song Liang received only US$341,000 in compensation, which was not even as much as CFO Yonggang Gao.

However, SMIC explained the reason, it turns out that the total remuneration of US$4.93 million includes a US$3.4 million house, which was given by the company to Meng-Song Liang for his home life.

If we subtract the housing benefit, Liang’s income in SMIC in 2020 will be about $1.53 million, which is also 4.5 times of last year.

This first annual report of SMIC after its A-share listing has more noteworthy content. For example, Shang-Yi Jiang, the newly appointed vice chairman, is not among the core technical staff, but he has been in office for less than a month, and his salary last year was US$32,000; the information of top 10 shareholders is disclosed for the first time; and the annual capital expenditure of RMB 28.1 billion is expected in 2021, with full efforts to expand the mature process, etc.

On December 15, 2011, the former TSMC Chief Operating Officer, Mr. Chiang Shang-Yi, was confirmed to be the Vice Chairman of SMIC, but the co-CEO, Mr. Meng-Song Liang, who was also a former TSMC general, was dissatisfied with the personnel case and made a statement of lightning departure, in which he was detailed as the co-CEO for more than three years and almost never took a leave of absence, as well as the achievements of technical breakthroughs.

At that time, the situation of “Jiang coming and Liang going” was surprising to the outside world, because the outside world once thought that the two had a good relationship. Subsequently, SMIC announced that it had taken note of the news of Meng-Song Liang’s proposed resignation and that the company was aware of Meng-Song Liang’s conditional resignation.

SMIC held its Q4 conference call on February 5 this year, but co-chief operating officer Meng-Song Liang was absent for the first time, and the co-CEO, Navy Zhao, took the lead and answered all investors’ questions about production capacity, the impact of the U.S. ban, and the shortage of automotive chips.