Entity List Chipmaker SMIC Projecting Slowdown in Q2 Growth

Q1 revenue at China’s largest chipmaker, Semiconductor Manufacturing International Corp., increased 66.9% year over year to $1.84 billion and was up 16.6% sequentially from Q4, reported the company Thursday. It’s projecting only a 1%-3% quarter-on-quarter increase in Q2, citing the COVID-19 pandemic “and local conflicts occurring overseas” that have brought “uncertainties to the development of the global IC industry.” The Commerce Department’s Bureau of Industry and Security added SMIC to its entity list in December 2020.