The good news for SMIC is that TY Chiu is becoming CEO of SMIC (link here). His expertise is running foundry fabs hyper-efficiently. These skills should help SMIC's operations and were sorely missed at the SMIC since he left the firm the first time around in 2005. The bad news is that the conflicts between state shareholders and private shareholders and among the state shareholders of SMIC have not been resolved. The poor market outlook for the foundry in the coming months just adds to what look to be turbulent times for SMIC.