STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch onSHENZHEN, China/SHANGHAI - Chinese chip stocks rallied on Wednesday following Huawei Technologies' launch of its new Mate 60 Pro phone, as investors speculated it could be using a 5G capable chip which, if true, would mark a win for China's local semiconductor sector.
On Tuesday, the company began selling its Mate 60 Pro around midday for 6,999 yuan in an unusually low-key fashion, having given no advance notice or conducted advertising. Staff at Huawei and sales personnel at stores in Beijing and Shenzhen also told Reuters they were caught off-guard. Huawei, whose woes with Washington have become a key flashpoint in U.S.-China relations, declined to comment on whether the phone was 5G capable but said in a statement the Mate 60 series was its most powerful Mate model ever.China's semiconductor sector jumped more than 2.5% on Wednesday, sending weekly gains to roughly 8%. China's Semiconductor Manufacturing International Corp is up roughly 10% for the week.
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