SMIC's Q4 Profit Up 213%, Despite Entity List’s ‘Many Obstacles’

Q4 revenue at China’s largest chipmaker, Semiconductor Manufacturing International Corp., jumped 61.1% year over year to $1.58 billion, and its quarterly profit increased 212.7% to $552.8 million, despite being added to the Commerce Department’s entity list in December 2020 (see 2012180026), reported the company Thursday. 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.