Chinese Shares Rebound on Reports of US Toning Down Chip Curbs; Maxio Technology Hangzhou Surges 353% in Shanghai Debut

MT Newswires Live2024-11-29

Chinese shares rebounded on Friday following reports the US is considering the addition of fewer Chinese companies into its trade blacklist.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.9% to 3,326.46. The Shenzhen Component Index went up 1.7% to 10,611.72.

Sentiment in the local equities market improved on news the US is reportedly considering toning down its sanctions on China's chip industry, with one key exclusion from its export restriction list being ChangXin Memory Technologies, which aims to develop AI memory chip technology, Bloomberg News reported.

Meanwhile, China's commerce ministry spokesperson He Yadong said the country will undertake "necessary actions" to protect Chinese enterprises should the US proceed with escalated chip control measures, Reuters reported.

"These actions severely disrupt the international economic and trade order, destabilize global industrial security, and harm the cooperative efforts between China and the US as well as the global semiconductor industry," the news agency cited He as saying.

In company news, shares of Maxio Technology Hangzhou (SHA:688449) surged 353% versus its initial public offering price of 11.25 yuan on the first day of its trading on the Shanghai bourse.

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