Trump administration to add China’s SMIC, CNOOC to export blacklist: report

November 30, 2020 0 By boss

[ad_1]

A man stands outside the headquarters building of China National Offshore Oil Corporation (CNOOC) in Beijing in 2016.


AFP/Getty Images

The Trump administration is set to add China’s largest chip maker, SMIC, and oil giant CNOOC to its export blacklist, claiming they’re owned or controlled by the Chinese military, Reuters reported Sunday.

It was unclear exactly when the new designations would take effect. China Construction Technology Co. Ltd. and China International Engineering Consulting Corp. will also reportedly be added to the list. The designation would make it far more difficult for U.S. companies to export technology to the four Chinese companies. Huawei Technologies Co. was added to the list in May.

Semiconductor Manufacturing International Corp. is China’s most advanced semiconductor manufacturer, and China National Offshore Oil Corp. is one of China’s largest energy companies.

CNOOC shares
883,
-8.57%

plunged more than 7% in Monday trading in Hong Kong, while SMIC
981,
-0.67%

fell about 1%. SMIC pulled its U.S. stock listing last year, while CNOOC’s American depository receipts
CEO,
-1.60%

are down 27% year to date.

[ad_2]

Source link