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SMIC stock set to open up 53 pct after settlement

Tue Nov 10, 2009 8:59pm EST

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HONG KONG, Nov 11 (Reuters) - Shares of SMIC (0981.HK), China's largest contract chipmaker, were set to open 52.63 percent higher on Wednesday, after the company changed its chief executive and settled a lawsuit with rival TSMC (2330.TW).

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Semiconductor Manufacturing International Corp's (SMI.N) shares were set to open at HK$0.58, their highest level since May 2008.

The company's shares were suspended last week. On Tuesday, it said it had settled a lawsuit with TSMC, the world's largest contract chipmaker, and that its long-serving CEO, Richard Chang had stepped down and would be replaced by another industry veteran, David Wang. [ID:nHKG280185] (Reporting by Doug Young; Editing by Chris Lewis)

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