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China Chip Stocks Rally After Huawei's Low-Key Launch of New Mate 60 Pro Phone

Chinese chip stocks rallied on Wednesday following Huawei Technologies' launch of its new Mate 60 Pro phone, as investors speculated it could be using a 5G capable chip which, if true, would be a win for China's local semiconductor sector.

Since 2019, Washington has restricted Huawei from buying advanced chips and software from U.S. companies, which has decimated its consumer electronics business and left it only able to launch limited batches of 5G models using stockpiled chips.

But research firms told Reuters last month that they believed Huawei was plotting a return to the 5G smartphone industry by procuring chips domestically, using its own advances in semiconductor design tools along with chipmaking from Semiconductor Manufacturing International Co (SMIC). Huawei declined to comment at the time.

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