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Chinese Stocks Hit One-Year Low as Chipmakers Slide

Chinese Stocks Hit One-Year Low as Chip, Optical Firms Slide · livemint.com

Chinese stocks fell sharply on Monday and reached their lowest level in about a year.

Technology companies were hit especially hard.

Some chip and optical companies lost at least 5% of their value.

Investors heard that China might let local companies buy new Nvidia chips.

That could make competition harder for Chinese chipmakers.

Four U.S. senators also proposed restricting two Chinese optical companies from government purchases.

Investors worried that technology restrictions could continue even while the United States and China negotiate.

The two countries agreed to extend their trade ceasefire until January, but the agreement did not satisfy some market participants.

Key facts

Market benchmark: The CSI 300 Index fell as much as 2.4%.
Market level: Chinese shares touched a one-year low.
Biggest decliners: Cambricon Technologies, GigaDevice Semiconductor, Zhongji Innolight, and Eoptolink Technology each fell at least 5%.
Nvidia report: The Information reported that Beijing may allow local firms to buy Nvidia's new semiconductors.
U.S. proposal: Four U.S. senators introduced legislation naming Innolight and Eoptolink as restricted vendors for government procurement.
Trade truce: The United States and China agreed to extend their trade ceasefire until January.
Expected tariff relief: The summit produced expected tariff relief on about $30 billion of products.

livemint.com · 2 hrs ago