After market hours on September 7, 2020, it was reported in Reuters that “The Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist, a Defense Department official said[.]” SMIC’s American depositary receipt (“ADR”) price fell $3.08 per share, or over 20%, on this news, to close at $12.02 per share on September 8, 2020, the next trading day. Reuters reported on September 26, 2020 that “The United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there is an ‘unacceptable risk’ equipment supplied to it could be used for military purposes.” SMIC’s ADR price fell sharply on this news, during intraday trading on the next trading day, September 28, 2020.
Semiconductor Manufacturing International Corporation
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