China chip giant SMIC shares plunge after US export controls
China chip giant SMIC shares plunge after US export controls

Hong Kong (AFP) – Shares in China’s biggest chip maker plunged on Monday following weekend media reports that Washington has imposed export controls on the company, the latest salvo in the battle for technological dominance over Beijing.In a major blow for China’s advanced tech ambitions, the US Commerce Department reportedly ordered companies to seek permission before selling equipment to Semiconductor Manufacturing International Corp (SMIC).Equipment sold to the Chinese company posed an “unacceptable risk” of being diverted to “military end use” according to a letter sent to major US compute…

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