Shares in top Chinese chipmakers shed $5bn in market value on Monday, as new US export controls threatened to obstruct Beijing’s plans for technological self-sufficiency.
Semiconductor Manufacturing International Corp, China’s largest chipmaker, fell as much as 5.2 per cent on Monday, while Hua Hong Semiconductor tumbled as much as 10.3 per cent and Shanghai Fudan Microelectronics plunged as much as 22.1 per cent.
The sharp losses came after Washington unveiled new export controls on Friday that restrict the sale of semiconductors made with US technology unless vendors obtain an export licence.
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