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Chinese chip giant SMIC to delist from NYSE following Huawei ban

first_imgAnother Chinese tech giant is withdrawing from the US, voluntarily delisting from the New York Stock Exchange. CBS/iStockphoto China’s largest chipmaker plans to delist from the New York Stock Exchange.Semiconductor Manufacturing International Corporation (SMIC) cited limited trading volumes in the US in comparison to the rest of the world as the reason for delisting, according to the South China Morning post on Friday.SMIC also said “the significant administrative burden and costs of maintaining the listing” on the NYSE were reasons for withdrawing.SMIC, which provides integrated circuit foundry and tech services on process nodes from 0.35 micron to 28 nanometer, said it will file the form to delist on June 3, with its last day of trading to be around June 13.While its headquarters are in Shanghai, SMIC also has labs throughout Beijing, Tianjin, Shenzhen, Jiangyin and Italy. It also has offices in the US, Europe, Japan, Taiwan and Hong Kong.The decision to delist follows Chinese technology compatriot Huawei being blacklisted by the US last week, and President Donald Trump signing an executive order essentially banning the tech giant following national security concerns that Huawei had close ties with the Chinese government amid the US-China trade war.SMIC didn’t immediately respond to a request for comment, but told CNBC that its decision to delist was not related to the US-China trade deal.”SMIC has been considering this migration for a long time and it has nothing to do with the trade war and Huawei incident,” a SMIC spokesperson reportedly told CNBC.”The migration requires a long preparation and timing has coincided with the current trade rhetoric, which may lead to misconceptions.” Share your voice Mobile Phones Politics 4:59 Now playing: Watch this: 0center_img Post a comment What is going on between Huawei and the US? Tags Huawei Donald Trumplast_img read more