SMIC International issues new stock: 6,091 people benefit, Liang Mengsong receives 80,181 shares!

On the evening of April 1, the domestic wafer foundry leader Semiconductor Manufacturing International Corporation (SMIC) released an announcement. The board of directors, on April 1, 2026, pursuant to the 2024 Share Incentive Plan, granted 18.3 million restricted stock unit (RSUs) to 6,091 grantees.

Each granted RSU represents the right to receive one share of Hong Kong listed shares upon the vesting date. The grant price was HK$0.031 per RSU, and the closing price of the Hong Kong listed shares on the grant date was HK$52.85 per share, indicating an extremely large discount.

Of these, 0.28 million RSUs were granted to the directors and the joint chief executive officer: the chairman Liu Xunfeng received 0.12 million; the joint chief executive officers Zhao Haijun and Liang Mengsong each received 80.2 thousand; the remaining 18.02 million RSUs were granted to 6,088 grantees, including senior management personnel and employees of the Group.

The vesting schedule for the RSUs granted to the other 6,088 grantees is as follows:

(i) 9,008,419 RSUs will vest immediately on the grant date;

(ii) 5,405,509 RSUs will vest on April 1, 2027;

(iii) 3,606,182 RSUs will vest on April 1, 2028.

According to the announcement, the RSUs granted this time adopt a phased unlocking mechanism:

First tranche: part of the entitlements vest immediately on the grant date (April 1, 2026) as a reward for meeting performance appraisal requirements for employees’ 2025 annual performance; Second tranche: vesting on April 1, 2027; Third tranche: vesting on April 1, 2028.

The announcement also makes clear that if an incentive recipient has circumstances such as resignation or violations, the unvested portion will automatically become invalid; and the overall grant and unlocking must also meet the company’s core performance appraisal conditions, such as revenue and profit.

In the announcement, SMIC stated that granting RSUs is an important component of the company’s compensation system. Its purpose is to closely align the interests of shareholders, the company, and employees to achieve shared interests and shared risk. This move can both recognize the contributions made by the directors and Group employees, and also provide sufficient incentives to attract and motivate the grantees to continue staying with the company and work hard for the Group’s future development.

Previously disclosed financial results for 2025 show that in 2025, SMIC achieved operating revenue of RMB 80.2k, up 16.5% year over year; attributable net profit of RMB 67.32B, up 36.3% year over year; basic earnings per share of RMB 0.63; and a gross margin of 21.0%, up 3.0 percentage points year over year. The company continues to rank second globally in the pure-play wafer foundry industry.

In terms of capacity, as of the end of 2025, SMIC’s monthly capacity, in terms of 8-inch standard logic wafers, had reached 1.059 million wafers. However, compared with global leader TSMC, there is still a gap—TSMC’s 2024 annual capacity is approximately 3.1675 million 8-inch wafer equivalents in terms of 8-inch monthly capacity. Capacity utilization improved to 93.5%, up 8 percentage points year over year.

For the full year of 2025, SMIC’s capital expenditures totaled US$8.1 billion, mainly to address strong customer demand and changes in the external environment. In 2026, SMIC expects to add approximately 40k wafer-equivalent 12-inch monthly capacity.

Editor: Chips Intelligent Network – Langke Jian