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SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION

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Semiconductor Manufacturing International : U.S. Imposes Entity List Restrictions On Large Chinese Semiconductor, Shipbuilding, And Drone Companies

12/23/2020 | 05:13am EDT

Today, the United States added 60 companies in China and 17 companies located elsewhere to the Commerce Department's Entity List.  Among the Chinese firms targeted are chipmaker Semiconductor Manufacturing International Corporation (SMIC) and ten semiconductor companies related to SMIC, shipbuilder China State Shipbuilding Corporation (CSSC), and drone manufacturer DJI.  The move is the latest step in escalating U.S. trade restrictions on China.

The new rule prohibits U.S. and non-U.S. persons from providing the listed entities with goods, software, or technology (collectively, "items") that are "subject" to the U.S. Export Administration Regulations (EAR) without first obtaining a license from the Bureau of Industry and Security (BIS), which administers the EAR.  License applications involving exports or transfers to most listed companies will face a presumption of denial, although BIS appears willing to entertain license applications for exports of less sensitive items to SMIC and certain items necessary to detect, identify and treat infectious disease to certain other companies, including DJI.  The broad license requirement applies to all items in the United States, items made in the United States, and certain non-U.S. items that contain more than de minimis U.S.-origin content or were made using certain U.S.-origin technology.

Companies doing business with the listed parties should carefully review whether these rules apply to their operations and implement controls to prevent exports, reexports, transfers, or releases of items to the listed parties without U.S. government approval.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mr Robert Slack
Kelley Drye & Warren LLP
10100 Santa Monica Blvd
Twenty-Third Floor
Los Angeles
CA 90067
UNITED STATES

© Mondaq Ltd, 2020 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Financials (USD)
Sales 2021 4 928 M - -
Net income 2021 741 M - -
Net cash 2021 2 732 M - -
P/E ratio 2021 35,1x
Yield 2021 -
Capitalization 25 937 M 25 935 M -
EV / Sales 2021 4,71x
EV / Sales 2022 4,52x
Nbr of Employees 17 354
Free-Float 82,9%
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Semiconductor Manufacturing International Corporation Technical Analysis Chart | 981 | KYG8020E1199 | MarketScreener
Technical analysis trends SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 3,28 $
Average target price 3,19 $
Spread / Average Target -2,71%
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Managers and Directors
Hai Jun Zhao Co-Chief Executive Officer & Executive Director
Meng Song Liang Co-Chief Executive Officer & Executive Director
Yong Gang Gao CFO, Secretary, Executive Director & EVP
Zi Xue Zhou Chairman
Mei Sheng Zhou Executive VP-Technology Research & Development
Sector and Competitors