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Company News

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

HONG KONG, Sept 28 (Reuters) - Hong Kong shares of Semiconductor Manufacturing International Corporation SMIC 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 shares fall as much as 7.9% to HK$17.12, the lowest since May 29. The stock was last down 6.7%.

SMIC said it had not received any official notice of the restrictions and said 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 Commerce Department dated Friday and seen by Reuters. (Reporting by Donny Kwok; Editing by Kim Coghill)

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