Shares of Mainland’s Top Chipmaker Plunge on Reports of Potential U.S. Blacklist
Shares of Semiconductor Manufacturing International Corp. (SMIC) tumbled following reports that the U.S. may put the Chinese mainland’s most advanced contract chip manufacturer on an economic blacklist.
On Monday, SMIC closed down 22.9% in Hong Kong, while the company closed down 11.3% in Shanghai, wiping more than $5 billion off its market cap.
The sell-off followed media reports that Washington may put the company on the Commerce Department’s so-called “Entity List,” which would forbid U.S. companies from doing business with SMIC unless they obtain a government license.
Read the full story here on Caixin Global.
Contact reporter Mo Yelin (yelinmo@caixin.com)
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