Sanctioned SMIC Made $1.5 billion in the US

Estimated read time 1 min read

Despite being placed on a US Commerce Department blacklist, Semiconductor Manufacturing International Corp (SMIC), the largest semiconductor manufacturer in China, made a record $1.5 billion from American semiconductor-design companies that hired SMIC to produce their chips, according to a Wall Street Journal report.

The report continued, stating that SMIC has been designated as a Chinese military supplier by the Pentagon and added to a Treasury Department list prohibiting Americans from trading its shares. However, a fifth of its total sales came from the US last year, prompting concerns among US lawmakers regarding the efficacy of their restrictions.

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E.F Team

Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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