SMIC's Hong Kong shares tumble after US tightens export restrictions
Add BT as a preferred source
[HONG KONG] Hong Kong shares of Semiconductor Manufacturing International Corporation (SMIC) fell more than 7 per cent on Monday after the United States imposed restrictions on exports to China's biggest chip maker, citing a risk of military use.
SMIC shares fall as much as 7.9 per cent to HK$17.12 (S$3.04), the lowest since May 29. The stock was last down 6.7 per cent.
SMIC said it had not received any official notice of the restrictions and said it has no ties with the Chinese military.
Suppliers of certain equipment to SMIC will now have to apply for individual export licences, according to a letter from the Commerce Department dated Friday and seen by Reuters.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
