China chip giant SMIC shares plunge 7.64 percent after US export controls

Agence France-Presse

Posted at Sep 28 2020 10:43 AM

An investor stands in front of an electronic board showing stock information at a brokerage house in Shanghai, China, August 24, 2015. Aly Song, Reuters/File Photo

HONG KONG - Shares in China's biggest chipmaker plunged on Monday following weekend media reports that Washington has placed export controls on the company, the latest salvo in the battle for technological dominance over Beijing.

Semiconductor Manufacturing International Corp (SMIC) opened 7.64 percent down at HK$17.10 in Hong Kong on Monday morning after US companies were ordered by the Commerce Department to seek permission before selling technologies to the chip giant.

More details to follow.