China’s biggest chipmaker SMIC posts record revenue despite U.S. sanctions

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• China’s largest chipmaker Semiconductor Manufacturing International Corporation reported record revenue and a surge in profit last year.
  
• That record performance came despite SMIC being put on a U.S. trade blacklist called the Entity List in 2020.
  
• SMIC is also continuing to invest heavily and the company said that it plans to spend $5 billion in capital as it tries to get three new plants off the ground.
  

China’s largest chipmaker Semiconductor Manufacturing International Corporation reported record revenue and a surge in profit last year amid a global chip shortage but strong demand.

SMIC recorded 2021 revenue of $5.44 billion up 39% year-on-year, the fastest growth rate since 2010. Profit came in at $1.7 billion marking a 138% year-on-year rise.

That record performance came despite SMIC being put on a U.S. trade blacklist called the Entity List in 2020.

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