Chinese chipmaker SMIC falls 5% as co-CEO plans to resign and it faces removal from MSCI indexes
GUANGZHOU, China — Shares of Chinese chipmaker SMIC fell over 5% on Wednesday after the company said it was aware its co-CEO planned to resign and as its stock was set to be removed from MSCI indexes.

SMIC said it had become "aware" of co-CEO Mong Song Liang's "intention of conditional resignation."

The company said it was "verifying" with Liang regarding his intention to resign.

Meanwhile, American stock index company MSCI, one of the largest in the world, said it will remove SMIC from its indexes from Jan. 5, 2021, among other Chinese companies. It said it was doing so after these companies were named in an U.S. executive order that bans American companies and individuals from owning shares of Chinese companies that the White House alleges supports China's military.