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Technology


CHINESE CHIPMAKERS SURGE AFTER US PUSHES FOR MORE INDUSTRY CURBS

 * US move to restrain China tech seen boosting domestic sector
 * Advanced Micro-Fabrication’s new orders jump 62% in first half

Bloomberg News
July 6, 2022 at 4:50 AM GMT


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Washington’s latest move to restrain Beijing from fostering its chipmaking
industry is powering China’s semiconductor stocks as the US restrictions could
fire up support for homegrown technology.

China chipmakers were one of the few bright spots in the markets Wednesday after
Bloomberg News reported that the US is pushing the Netherlands to ban ASML
Holding NV from selling to China technology essential in making a large chunk of
the world’s chips. That, as well as a better-than expected earnings, has spurred
a rally in chip stocks in China, with investors seeing US restrictions
accelerating sales for domestic companies as tech firms seek onshore
substitutes.


 
 

Chinese semiconductor manufacturers Piotech Inc. and Kingsemi Co. surged at
least 10% in trading in Shanghai, while Advanced Micro-Fabrication Equipment
Inc. and NAURA Technology Group Co. led the gains on the benchmark CSI 300
Index. Gains by Bestechnic Shanghai Co. and Verisilicon Microelectronics
Shanghai Co. helped send the tech-heavy Star 50 gauge up as much as 2.3%.





China’s chip industry is growing faster than anywhere else in the world, after
US sanctions on local champions from Huawei Technologies Co. to Hangzhou
Hikvision Digital Technology Co. spurred appetite for home-grown components. The
latest envisioned curbs underscore how tensions between Washington and Beijing
are transforming the $550 billion semiconductor industry -- a sector that plays
a role in everything from defense to AI and autonomous cars.




Read more: US Sanctions Help China Supercharge Its Chipmaking Industry



“The logic behind China semiconductor stocks has been that of homegrown products
replacing imported machinery and chips,” said Shi Junbo, fund manager at
Hangzhou XiYan Asset Management Co. “Even though the technology might not be as
advanced, they will have to do, as the US in effect forces domestic
manufacturers to have a larger market share.”



The sector-wide gain has also been bolstered by Advanced Micro-Fabrication’s
preliminary earnings. The firm sees profits after non-recurring items rising by
as much as 630% in the first half, after new orders rose 62% to 3.1 billion
yuan, according to a filing late Tuesday. 

The earnings are a beat, and show a significant improvement in margins from the
first quarter, CICC analysts including Li Xuelai, wrote in a note, expecting
“net-profit growth to accelerate from here, with new products to help the firm
open up its market potential.”



The market was “pessimistic” about semiconductor earnings for the first half due
to the impact of lockdowns and dampened consumer electronics demand, Shi said.
“But now it looks less gloomy after nearly a month of market-lagging
performance.”

— With assistance by John Liu, and April Ma





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