Following the recent change of chairman of Huahong Group, Huahong Semiconductor also announced the company's high-level personnel adjustments. Bai Peng, former global vice president of Intel, became president of Huahong Semiconductor. On the evening of January 1, 2025, Hua Hong Semiconductor announced that starting from December 31, 2024, the company’s executive director Tang Junjun will be appointed as the chairman of the board of directors and chairman of the nomination committee of Hua Hong Semiconductor. In order to focus on performing his duties as chairman of the board of directors and executive director of Huahong Semiconductor, Tang Junjun resigned from the position of president of Huahong Semiconductor, effective January 1, 2025.
Zhang Suxin, the former chairman of Huahong Group, has resigned as chairman of the board of directors, executive director and chairman of the nomination committee of Huahong Semiconductor after being replaced by Qin Jian, chairman of Shanghai Lianhe Investment, on December 20, 2024.
Bai Peng, former global vice president of Intel, will succeed Tang Junjun as president of Huahong Semiconductor. Bai Peng will also serve as executive director of Huahong Semiconductor. Bai Peng will enter into a three-year service agreement with Hua Hong Semiconductor, effective from January 1, 2025.
According to public information, Bai Peng is 62 years old and has more than 30 years of experience in the field of integrated circuit manufacturing. Before joining Hua Hong Semiconductor, he served as CEO of Rongxin Semiconductor Co., Ltd. since September 2022.
Bai Peng has served as Intel's process integration engineer, process integration manager, yield engineering director, R&D director and vice president, and global vice president.
Bai Peng studied at Peking University, then graduated from the University of Bucharest with a bachelor's degree in physics in 1985, and received a doctorate in physics from Rensselaer Polytechnic Institute in the United States in 1991.
In terms of remuneration, according to the relevant service agreement, during the period when Bai Peng serves as the president of Huahong Semiconductor, his annual remuneration will not be lower than the basic salary and performance bonus levels of his former executive director and president. As of now, Bai Peng does not hold any equity interest in Huahong Semiconductor.
According to the financial report, Huahong Semiconductor's revenue in the first three quarters of this year was 10.502 billion yuan, a year-on-year decrease of 18.92%; net profit was 578 million yuan, a year-on-year decrease of 65.69%; non-net profit after deducting was approximately 465 million yuan, a year-on-year decrease of 68.26%. Among them, the third quarter revenue was 3.77 billion yuan, a year-on-year decrease of 8.24%; the net profit was 313 million yuan, a year-on-year increase of 226.62%; the non-net profit after deducting was approximately 231 million yuan, a year-on-year increase of 364.34%. Regarding the performance outlook for the fourth quarter of 2024, Huahong Company is expected to achieve revenue of US$530 million to US$540 million, with gross profit margins ranging from 11% to 13%.
On December 10, 2024, the 12-inch production line of Huahong Wuxi integrated circuit R&D and manufacturing base (Phase II) was completed and put into production, marking that the project has officially entered the production and operation period from the engineering construction period, and also marked that Huahong Group's advanced characteristic process capabilities and manufacturing capacity have reached a new level. Since the start of construction in March 2018, Huahong Wuxi base has undergone two infrastructure constructions and two rounds of production expansion, with a total investment of more than 10 billion US dollars. The second phase of the project focuses on automotive-grade chip manufacturing, building a 12-inch specialty process production line with a monthly production capacity of 83,000 pieces.
Tang Junjun previously reported on the project construction status that Huahong Semiconductor will continue to deepen the "8+12" and advanced "characteristic IC+power device" dual-engine strategy, strengthen, optimize and expand the characteristic process, and make Huahong's contribution to creating a new highland for independent innovation.