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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Huawei’s Stealth Phone Launch Energizes Chinese Chip StocksChinese technology shares surged Wednesday after Huawei Technologies Co. surprised investors by debuting a 6,999 yuan ($960) smartphone, buoying hopes for advances in domestic chip and mobile technology despite US sanctions.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Chip stocks: Why Secretary Raimondo’s China visit mattersU.S. Commerce Secretary Gina Raimondo visited China this week in a bid to ease some of the tensions between the United States and China. Axios Global Tech Correspondent Ryan Heath joins Yahoo Finance Live to discuss what this means for chipmakers and for the future of U.S. and China relations. Investors and chipmakers should be “mildly encouraged” about communication between the United States and China, Heath says. “The more transparency, the more dialogue, the better for you as a chipmaker,” Heath explains. “U.S. exports to China are still basically at record levels and that also includes for some forms of chips” and the “broad environment is still reasonable encouraging,” Heath notes. Heath says Raimondo 'is extremely well regarded by the White House' and 'is treated as a serious player by the people she is talking to in Beijing, you know, that’s exactly the right person that you want there having these discussions. It doesn’t guarantee any outcomes in the future, but it gives you a solid basis for having a more functional relationship.”
Source: YahooFinanceCA - 🏆 47. / 63 Read more »