Tensions with US spur Chinese buying of chipmaking stocks

SHANGHAI, Aug 5 — Chinese chipmakers’ shares jumped by the most in two years this week as House of Representatives Speaker Nancy Pelosi’s visit to Taiwan heightened tensions with the US, driving patriotic bets on a sector Beijing sees as key to its rivalry with Washington.

Although the US Chip Act would further restrict the use of advanced US technologies in China, while prodding more semiconductor investment in the US, some investors interpret it as good news for local Chinese players. Shares in Shenzhen China Micro Semicon Co Ltd soared 82 per cent on their first day of trading in Shanghai, in contrast with weaker recent stock market debuts.

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