[ET Net News Agency, 23 September 2020] Nomura cut its target price for SMIC (00981) to
HK$17 from HK$26 and maintained its "reduce" rating.
The research house believes a ban on SMIC by the US government is less likely as SMIC is
Qualcomm's major PMIC (Power Management Integrated Circuit) foundry. A ban would likely
hurt Qualcomm severely. However, if the risk of a ban on SMIC rises, SMIC's customers (led
by non-China customers) will start finding alternative solutions elsewhere. (KL)