-- Top Chinese chipmaker Semiconductor Manufacturing International Corp. led a $13 billion sector rally, after investors bet that Beijing will declare more policy or financial support for an industry central to its geopolitical ambitions.Shares of SMIC, which Washington has blacklisted over allegations it aids China’s military, climbed as much as 28% Monday to their highest in four years. That took its gain since Thursday’s close to 65%, or roughly $10.7 billion of market value at the peak.
Investors are watching for additional policy measures after Chinese leaders signaled their intent to reverse the nation’s growth slowdown. Just before a week-long holiday, the government unleashed stimulus measures from interest rate cuts to a pledge of as much as $340 billion to support the stock market. China’s top economic planner is slated to brief the public Tuesday on a package of policies aimed at boosting economic growth.
Beijing and local governments don’t disclose overall semiconductor funding, though certain companies reveal some of the subsidies they get. Estimates vary widely because money comes from state-backed funds, local government financing and an array of incentives and tax breaks.
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