Hongxin Semiconductor Manufacturing (HSMC) has restructured its shareholdings as well as its management team.

HSMC was previously 90% owned by Beijing Guangliang Lantu Technology, and 10% by the Dongxihu district government. The Dongxihu district government has now taken over all the stake it didn't hold, making HSMC a wholly state-owned enterprise.

Chiang Shang-yi has resigned as HSMC chief executive. Chiang earlier in November 2020 issued a statement through his lawyer saying he had resigned from all posts at HSMC in June.

Chiang joined HSMC in July 2019. Chiang was previously a major R&D architect at TSMC before retirement from the world's top pure-play foundry.

Founded in late 2017, HSMC has unveiled its US$20 billion fab project under which the foundry plans to build 14nm and 7nm process manufacturing lines targeting 2022-2023 to kick off trial production. The fab project, however, has been put on hold since September 2020 due to the foundry's capital shortage.