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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Semiconductor Manufacturing International Corporation    981   KYG8020E1199

SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

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China's SMIC applies to renew licence to supply Huawei: state media

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09/15/2020 | 08:19am EDT
FILE PHOTO: A security officer stands outside a building of SMIC during its grand opening in Shanghai November 22, 2001.

China's Semiconductor Manufacturing International Corp (SMIC) has asked for approval from the United States to continue supplying Huawei Technologies Co Ltd, state media outlet Beijing News reported on Tuesday, citing the company.

The company told the newspaper that it had, in accordance with regulations, it applied in the United States to continue supplying Huawei, and reiterated that it will abide by relevant laws and regulations in all countries and regions.

SMIC did not immediately respond to a request for comment from Reuters.

The restrictions imposed by Washington in May on Huawei barring major semiconductor equipment vendors from supplying or service Huawei go into effect on Tuesday.

Companies hoping to continue doing business with the smartphone maker must now first receive a licence from Washington.

Taiwan Semiconductor Manufacturing Co Ltd, the most important manufacturer for Huawei's high end mobile phone chipsets, said in July it would cease supplying Huawei come the deadline.

Micron Technology Inc, a maker of DRAM memory chips, also said it will no longer supply Huawei. Taiwanese chip designer MediaTek said last month it had applied for U.S. permission to continue supplying Huawei.

Huawei is a major customer for SMIC and generates 20% of the foundry's revenue, according to an analysis from Bernstein research.

The foundry is incapable of producing the most advanced chips in Huawei's Kirin mobile chipsets, however, and still relies of equipment from U.S. companies who may also cease servicing Huawei as the restrictions take effect.

SMIC itself has fallen under scrutiny from Washington. Earlier this month Reuters reported that the Trump administration is considering placing restrictions on the company similar to those it placed on Huawei, barring U.S. companies from servicing and supplying it.

(Reporting by Josh Horwitz, editing by Louise Heavens)


Stocks mentioned in the article
ChangeLast1st jan.
KIRIN HOLDINGS COMPANY, LIMITED -0.46% 1933.5 End-of-day quote.-19.10%
MEDIATEK INC. 0.44% 684 End-of-day quote.54.23%
MICRON TECHNOLOGY, INC. 0.96% 50.48 Delayed Quote.-6.14%
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 2.09% 22 End-of-day quote.84.25%
TAIWAN SEMICONDUCTOR CO., LTD. -2.37% 47.3 End-of-day quote.-11.75%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -1.58% 437 End-of-day quote.32.02%
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Financials (USD)
Sales 2020 3 763 M - -
Net income 2020 295 M - -
Net cash 2020 2 286 M - -
P/E ratio 2020 420x
Yield 2020 -
Capitalization 169 B 21 854 M -
EV / Sales 2020 44,4x
EV / Sales 2021 41,6x
Nbr of Employees 15 904
Free-Float 82,6%
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Technical analysis trends SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 25
Average target price 2,54 $
Last Close Price 22,00 $
Spread / Highest target -78,8%
Spread / Average Target -88,4%
Spread / Lowest Target -93,6%
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Managers
NameTitle
Hai Jun Zhao Co-Chief Executive Officer & Executive Director
Meng Song Liang Co-Chief Executive Officer & Executive Director
Zi Xue Zhou Chairman
Xin Zhang Senior Vice President-Operations & Engineering
Yong Gang Gao CFO, Joint Secretary, Executive Director & EVP
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