China chip giant SMIC shares dive on US export controls
China chip giant SMIC shares dive on US export controls

Hong Kong (AFP) – Shares in China’s biggest chip maker tumbled Monday on reports that Washington had imposed export controls on the company, the latest salvo in the battle for technological dominance over Beijing.In a new 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 computer chip firms that was see…

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