Beijing’s Micron Probe Spurs $12 Billion Rally in China Chip Stocks
- China’s Ingenic jumps 19%, Advanced Micro-Fabrication up 13%
- Gains come amid declines in Asian chip stocks such as Samsung
Micron Technology headquarters in Biose, Idaho, US.
Photographer: Jeremy Erickson/BloombergThis article is for subscribers only.
Chinese chip-related stocks advanced amid optimism that they will benefit from the nation’s growing self-reliance push after Beijing launched a probe into Micron Technology Inc.
The more than 50 members of the E Fund CSI Chip Industry ETF collectively added more than $14 billion in market value Monday, with Ingenic Semiconductor Co. jumping as much as 19% in Shenzhen while Advanced Micro-Fabrication Equipment Inc. surged 13% in Shanghai. US-blacklisted Semiconductor Manufacturing International Corporation roses as much as 6.9% in mainland trading.