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China's SMIC cuts sales target, shares plunge 10.3%

Top foundry suffers price war in sluggish domestic smartphone market

Chinese chipmaker SMIC sees growth softening in 2017 due to strong competition. (Photo by Cheng Ting-Fang)

TAIPEI -- Semiconductor Manufacturing International Co. on Wednesday slashed its revenue growth target for 2017 and forecast a softer-than-expected third quarter due to intense competition for fingerprint chips amid sluggish demand for domestic smartphone brands.

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