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UMC soars as US eyes SMIC ban

US-CHINA TENSIONS: Novatek is another likely beneficiary, as a US ban would make it difficult for the Chinese firm to tap into the driver IC market

taipeitimes.com, Sept. 08, 2020 – 

United Microelectronics Corp (UMC) yesterday saw its share price soar to close at a two-week high on reports that Washington is looking to ban Semiconductor Manufacturing International Corp (SMIC) amid an escalating US-China trade dispute.

UMC shares jumped 9.79 percent to NT$23.55, after Reuters on Friday last week reported that the US Ministry of Defense has proposed working with other agencies to determine whether to place SMIC on a trade blacklist because of its relationship with the Chinese military.

US firms would require a license before shipping to SMIC if US President Donald Trump's administration imposed export restrictions on the Chinese chipmaker.

Turnover of UMC shares hit 97.93 million yesterday, the biggest since Monday last week.

SMIC shares tumbled 22.88 percent to end at H$18.24 on the Hong Kong Stock Exchange.

"In our view, the US curbs will have a positive impact on Taiwan's semiconductor industry," if Washington were to put SMIC on the blacklist, Yuanta Securities Investment Consulting Co said in a note yesterday.

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