In the PM session, market decreased steadily. Till market end, Shanghai Index was still above the Friday level, but Shenzhen Index dropped below that level. In the PM session, Non-Ferrous Metal and Agriculture led the gain. Electronic and Communication led the fall. In total, both markets traded 731.80 billion RMB, up 16.73%.
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*China Chipmaker SMIC Raises $2.25 Billion From State-Owned Funds
China’s leading chipmaker Semiconductor Manufacturing International Corp (SMIC) has secured financing worth $2.25 billion from two state-owned funds to sharply boost capacity at its main Shanghai operation, the company said on Friday.
*China Hits Back at New U.S. Restrictions on Huawei
China’s commerce ministry said Sunday that the U.S. needed to immediately stop its “wrong actions” and it would take “all necessary measures” to defend Chinese companies’ legal rights in response to a U.S. move to further restrict the ability of blacklisted Chinese tech giant Huawei to develop semiconductors using American technology.
*U.S.-China Fight Over Chip Kingpin Rattles Tech Industry
Since its founding more than three decades ago, Taiwan Semiconductor Manufacturing Co. has built its business by working behind the scenes to make customers like Apple Inc. and Qualcomm Inc. shine. Now the low-profile chipmaker has landed squarely in the middle of the U.S.-China trade war, an incalculably valuable asset that both sides are vying to control.
*Ant Financial Invests $73.5 Million in Myanmar Mobile Payment Firm
Alipay operator Ant Financial Services Group will invest $73.5 million in Digital Money Myanmar (Wave Money) — a mobile payments joint venture between Telenor Group and the Yoma group — as part of a strategic partnership to promote financial inclusion in Myanmar.
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