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Semiconductors

Top China chipmaker SMIC says sales to grow despite US sanctions

Co-CEO Zhao says chip shortage will last at least until end of 2021

TAIPEI -- China's top contract chipmaker Semiconductor Manufacturing International Co. on Friday said its second-quarter revenue could jump as much as 40% on the year despite continuing uncertainty stemming from U.S. sanctions on the company.

SMIC forecast revenue of between $1.29 billion to $1.31 billion for the April-June period, 19% higher at the top end of guidance from the previous quarter, and 40% higher year-on-year, mainly due to a supply shortage that prompted the company to raise prices of its products.

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