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Semiconductors

China's top chipmaker SMIC says US restrictions hampering growth

Company unable to reap full benefits of pandemic-fueled demand, says co-CEO

China's top chipmaker Semiconductor Manufacturing International Co. says U.S. export restrictions have deprived it of lucrative growth opportunities and will continue to affect its performance and expansion plans this year.

TAIPEI -- China's top chipmaker Semiconductor Manufacturing International Co. on Friday said that U.S. export restrictions have cost the company valuable growth opportunities and will continue to impact its financial performance and expansion plans for 2021.

SMIC co-CEO Zhao Haijun said demand is booming for all kinds of chips thanks to the stay-at-home economy that has emerged amid the coronavirus pandemic, but "geopolitical factors" mean the company has been unable to fully capitalize on the trend.

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