Semiconductor Manufacturing International Corporation (SMIC), a leading Chinese chipmaker, saw its stock surge 7.18% on Monday, outperforming the broader Hong Kong market. The stock's rally was fueled by investor optimism over China's continued support and push for the domestic semiconductor industry.
While the overall Hong Kong market experienced a decline, with the Hang Seng Index falling 0.3% and the Hang Seng Tech Index dropping 0.6%, SMIC bucked the trend, reflecting its strong positioning in the rapidly growing semiconductor sector.
China has been actively promoting the development of its domestic semiconductor industry, aiming to reduce reliance on foreign technologies and achieve self-sufficiency in this critical field. The country's commitment to investing in and nurturing its semiconductor capabilities has bolstered investor confidence in companies like SMIC, which stands to benefit from this strategic push.
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