Shares of Semiconductor Manufacturing International Corporation (SMIC) soared 8.11% on Tuesday, outperforming the broader Hong Kong market as investors cheered signs of progress in trade negotiations between the United States and China.
The surge in SMIC's stock price came amid a broader rally in Hong Kong stocks, with the Hang Seng Index climbing 3.1% on hopes that the two economic superpowers would reach an agreement to ease tensions and avert further escalation of the trade war.
According to reports, US President Donald Trump expressed optimism about holding talks with China in the next 24 hours, fueling expectations that the two sides could find common ground and avoid the implementation of additional tariffs on Chinese goods. This positive sentiment spilled over to SMIC, a leading semiconductor foundry in China, which is seen as a potential beneficiary of improved trade relations between the US and China.
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