SMIC dives 23% after report says US may blacklist chipmaker
Chipmaker’s ties to the Chinese military are under scrutiny amid an escalating US crackdown on Chinese tech companies
Hong Kong — Semiconductor Manufacturing International Corporation (SMIC) tumbled the most in seven weeks after a report that the Trump administration was considering adding the chipmaker to a blacklist amid an escalating crackdown on Chinese technology companies.
The shares plunged 23%, the most since July 16, at the close of trading in Hong Kong, contributing to a 4.6% rout in the Hang Seng Tech Index. Fellow Chinese chipmaker Hua Hong Semiconductor plummeted more than 14%. The US defence department is working with other US agencies to determine whether to take action against SMIC, which would force US suppliers to seek a special licence before shipping to the company, Reuters reported on Friday...
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