China’s biggest chipmaker posts first quarterly revenue fall in 3 years as semiconductor woes persist

• China’s biggest semiconductor manufacturing firm SMIC on Friday posted its first decline in quarterly revenue in more than three years.
• SMIC Is China’s most important chipmaking company.
• It’s seen as a key hope to Beijing’s ambitions to boost its domestic semiconductor industry and catch up with rivals like Taiwan’s TSMC.
• SMIC has been hit with U.S. sanctions that have cut the company off from key chipmaking tools to manufacture the most advanced semiconductors.

China’s biggest chipmaker SMIC posts first revenue fall in 3 years (cnbc.com)