SMIC Reports ‘Sound Performance,’ Despite Entity List’s ‘Many Obstacles’
Q4 revenue at China’s largest chipmaker, Semiconductor Manufacturing International Corporation, jumped 61.1% year over year to $1.58 billion, and its quarterly profit was $552.8 million, increasing 212.7% from Q4 2020, despite being added to the Commerce Department’s Entity List in…
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December 2020 (see 2012180039), the company reported Feb. 10. It was an “exceptional year in SMIC's development history,” it said. The global shortage of chips and the strong demand for “local and indigenous manufacturing” brought SMIC “a rare opportunity,” while the U.S. export restrictions of the entity list “set many obstacles to the Company's development,” it said. “Focusing on the primary task of ensuring operation continuity, meeting customer demand, and alleviating the supply chain shortage, the Company rose to the challenge, tackled difficulties precisely and achieved sound performance.”