BRIEF: Hua Hong Semi appoints former Intel VP as new president

Hua Hong Semiconductor Ltd. (1347.HK; 688347.SH)on Wednesday announced the appointment of Bai Peng, a former Intel (INTC.US) engineer, as executive director and its new president, effective Jan. 1. In the position, Bai will oversee the company’s daily operations and business strategy implementation.

Bai, 62, has over 30 years of experience in integrated circuit manufacturing, according to Hua Hong. Notably, he was previously elected as a corporate vice president at Intel in 2016. Huatai Securities pointed out that the appointment is expected to help Hua Hong accelerate its development of process platforms, including advanced and specialty processes.

As China’s second-largest wafer foundry, Hua Hong reported sales of $526.3 million in last year’s third quarter, down 7.4% year-on-year. But its net profit surged by 222.6% to $44.82 million. Last month, Hua Hong announced the commissioning of the second phase of its new Wuxi wafer fab, which is expected to reach a production capacity of 20,000 wafers per month by the end of this year.

By Lee Shih Ta

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