Chinese Stocks Rise Amid US Nvidia Chip Review; Xiamen UX IC Soars 347% in Debut

MT Newswires Live12-19 16:01

Chinese shares gained on Friday after the U.S. started a review process that could lead to the first sales of Nvidia's second-best artificial intelligence chips to China.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.4% to 3,890.45. The Shenzhen Component Index went up 0.7% to 13,140.22.

Sentiment in the local equities market improved after the U.S. Department of Commerce sent out license applications for review by the State, Energy, and Defense Departments, Reuters reported. The agencies have 30 days to decide on the matter.

Sources said the review is expected to be "thorough" and "not some perfunctory box we are checking," according to Reuters.

In company news, Xiamen UX IC (SHA:688807) had a stellar trading debut in Shanghai as it closed at 230.70 yuan per share, up 347% from its initial public offering price of 51.66 yuan.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment