Agence France-Presse

China's top chipmaker SMIC (0981) said yesterday its 2024 profit had plunged significantly from the previous year, against a backdrop of surging trade tensions between Beijing and Washington.

China has been seeking in recent years to shore up its self-reliance in the increasingly vital field of semiconductors, and Shanghai-based SMIC is the country's chipmaking champion.

The firm faces pressure from Washington, which has taken steps in recent years to cut off China's access to advanced US technology, working with its allies to impose tough restrictions on the flow of state-of-the-art chips and the equipment needed to make them.