Chinese Chip Gear Profits Soar After U.S. Curbs Spur Local Buying

(Bloomberg) — Two major Chinese chip-equipment makers are predicting a doubling in profits after the U.S. clamped down on exports of American technology, forcing manufacturers to rely on homegrown alternatives.

Advanced Micro-Fabrication Equipment Inc. said net income for the first half likely grew between 110% and 120%. Peer Naura Technology Group Co. Ltd. reported on Friday a 121% to 156% increase in profit to as much as 1.93 billion yuan ($270 million) during the same period.