Semiconductor Manufacturing International Corporation (SMIC) shares plummeted 9.78% in intraday trading on Friday, caught in a broader selloff of Chinese tech stocks after US President Donald Trump announced plans to double tariffs on Chinese imports.
Trump's escalation of the trade war with Beijing raised concerns over potential disruptions to China's exports, a key driver of its economic growth. The new tariffs exacerbated fears of a slowdown in the world's second-largest economy, already grappling with a property crisis and deflationary pressures.
The Hong Kong stock market was hit hard, with the Hang Seng Index plunging 3.1% and the Hang Seng Tech Index shedding 5%. Alongside SMIC's steep decline, other tech giants like Alibaba, Tencent, and Baidu saw their shares drop significantly, reflecting investor worries over the potential impact on China's burgeoning technology sector.
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