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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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SMIC's Hong Kong shares tumble after U.S. tightens export restrictions

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09/27/2020 | 11:00pm EDT
FILE PHOTO: Chinese and U.S. flags flutter near the Bund in Shanghai

Hong Kong-listed shares of Semiconductor Manufacturing International Corp fell more than 7% on Monday after the United States imposed restrictions on exports to China's biggest chip maker, citing a risk of military use.

SMIC's shares fell as much as 7.9% to HK$17.12 ($2.21), the lowest since May 29, and were last down 6.7%.

The company said it had not received any official notice of the restrictions and added it has no ties with the Chinese military.

Suppliers of certain equipment to SMIC will now have to apply for individual export licenses, according to a letter from the U.S. Commerce Department dated Friday and seen by Reuters.

Earlier this year SMIC raised $6.6 billion in a secondary listing on Shanghai's tech-centric STAR market.

The company said it intended to use the funds to build out additional capacity for producing advanced chipsets.

SMIC recently began manufacturing chips at the 14 nanometer process node, about two generations behind the technology used by rival Taiwan Semiconductor Manufacturing Co Ltd.

The restrictions, however, throw a wrench in SMIC's plans as it relies on equipment produced by companies hailing from the U.S. or U.S-allied nations.

Following news of the restrictions, an op-ed published on Sunday in the Global Times, a tabloid owned by state-backed media outlet People's Daily, called for China to embark on a "long tech march" to counter the U.S.' high-tech suppression against China.

(Reporting by Donny Kwok in Hong Kong and Josh Horwitz in Shanghai; Editing by Kim Coghill and Shounak Dasgupta)


Stocks mentioned in the article
ChangeLast1st jan.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION -0.97% 20.4 End-of-day quote.70.85%
TAIWAN SEMICONDUCTOR CO., LTD. 0.00% 48.25 End-of-day quote.-9.98%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -0.66% 452 End-of-day quote.36.56%
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Financials (USD)
Sales 2020 3 709 M - -
Net income 2020 342 M - -
Net cash 2020 2 347 M - -
P/E ratio 2020 50,9x
Yield 2020 -
Capitalization 20 265 M 20 265 M -
EV / Sales 2020 4,83x
EV / Sales 2021 4,75x
Nbr of Employees 15 904
Free-Float 82,6%
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Technical analysis trends SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 2,55 $
Last Close Price 2,63 $
Spread / Highest target 77,5%
Spread / Average Target -2,96%
Spread / Lowest Target -46,1%
EPS Revisions
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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