SMIC surges 10pc amid Sino-US chip collaboration

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(The Standard)

Semiconductor Manufacturing International Corporation (0981) surged over 10 percent yesterday after a Chinese semiconductor industry group said it has agreed to work with its US counterpart on chip-related issues.

Shares of Chinese firms involved in the chip industry advanced after the statement appeared on the China Semiconductor Industry Association’s website yesterday. SMIC rose as much as 12 percent before closing 10.1 percent higher at HK$26.7. Hua Hong Semiconductor (1347) went up 13.97 percent to HK$46.5 while Shanghai Fudan Microelectronics (1385) was up 13.35 percent to HK$11.04.

This is a rare example of bilateral cooperation in an area that has become a focal point of tensions between Washington and Beijing.

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