Chinese investors pour billions into stocks on US blacklist
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A woman walks past a bank s electronic board showing the Hong Kong share index at Hong Kong Stock Exchange
(AP)
Chong Koh Ping,
, The Wall Street Journal
Buyers using the Stock Connect trading link have snapped up the equivalent of a net $15.8 billion in Hong Kong shares this year
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Investors from mainland China have spent billions of dollars buying beaten-down shares in Hong Kong-listed companies subject to a U.S. government blacklist.
Buyers using a trading link known as Stock Connect have bought the equivalent of a net $15.8 billion in Hong Kong shares in the first nine trading days of this year, according to Wind, with a heavy concentration on stocks targeted by the U.S.
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The envisioned spending spree sent chipmaking gear manufacturers surging from New York to Tokyo. Capital spending for 2021 is targeted at $25 billion to $28 billion, compared with $17.2 billion the previous year. About 80% of the outlay will be devoted to advanced processor technologies, suggesting TSMC anticipates a surge in business for cutting-edge chipmaking. Analysts expect Intel Corp., the world’s best-known chipmaker, to outsource manufacture to the likes of TSMC after a series of inhouse technology slip-ups.
U.S. Blacklists Xiaomi in Widening Assault on China Tech
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(Bloomberg) Xiaomi Corp. plunged a record 10% after the Trump administration blacklisted China’s No. 2 smartphone maker and 10 other companies, broadening efforts to undercut the expansion of the country’s technology sector.
The U.S. has targeted scores of Chinese companies for the stated purpose of protecting national security, but going after Xiaomi was unexpected. The Beijing-based company has been viewed as China’s answer to Apple Inc., producing sleek smartphones that draw loyal fans with each new release. The company, which vies with Huawei Technologies Co. for the title of China’s No. 1 mobile device brand, also makes electric scooters, earphones and smart rice cookers.
Updated: January 15, 2021 3:22 PM IST
The US government on Thursday in a surprise move blacklisted nine Chinese companies including the very popular smartphone brand globally, Xiaomi. The US administration announced that these Chinese companies had ties with the Chinese military. This definitely isn’t good news for the brand. According to a Garter report, Xiaomi overtook Apple to become the world’s no. 3 smartphone maker by sales in the third quarter of 2020. Also Read - Top gaming smartphones priced under/almost Rs 20,000 to buy in April 2021
To recall, earlier this month the US Govt blacklisted 60 Chinese companies due to their links with the Chinese military. Commenting on the matter, US Commerce Secretary Wilbur Ross said, “China’s reckless and belligerent actions in the South China Sea and its aggressive push to acquire sensitive intellectual property and technology for its militarisation efforts are a