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Bloomberg

China’s biggest maker of light-emitting diode (LED) chips surged after the United States removed it from a list of foreign entities requiring special checks.
Shares of Sanan Optoelectronics Co jumped by the 10 per cent daily limit on Monday in Shanghai.
The US Department of Commerce removed Sanan and seven other Chinese companies from its “unverified list”, according to a June 27 release.
While firms on that list are not barred from doing business in the US, they may need additional licences to buy products from American entities.
37 Chinese firms and universities added to US ‘unverified list’ telling suppliers to handle them with care
The decision was only reported widely in Chinese local media over the weekend.
A representative for Sanan said the company will “fulfil its information disclosure duties in accordance with related regulations”. The firm, which is headquartered in the southeastern city of Xiamen, never made an official announcement about being added to the blacklist.
Sanan set up a team in April to communicate with US authorities and apply to remove itself from the list, according to a report by Guangzhou-based business newspaper 21st Century Business Herald.
US semiconductor manufacturing equipment provider Applied Materials halted supply to San’an that month, but resumed cooperation later even as the LED chip maker remained on the list, Chin a Securities Journal reported in late April.
China offers five-year tax breaks to chip makers, software developers to bolster industry as trade war stretches to tech
Gains by Sanan’s shares were part of a broader rally in China on Monday, after the world’s two largest economies declared a truce in their trade war.
China’s technology stocks got the biggest reprieve. A CSI 300 gauge for information technology shares rose 6.3 per cent to the highest in two months.
Hong Kong trading was closed for a public holiday.


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China technology

China’s biggest maker of LED chips removed from US ‘Unverified List’ as trade tensions ease

The company logo of Sanan Optoelectronics Co, China’s biggest LED chip maker, is seen displayed on a smartphone. Photo: Shutterstock

Shanghai-listed Sanan Optoelectronics Co, China’s biggest LED chip maker, has been removed the US government’s so-called Unverified List. Photo: Shutterstock

China’s exporters welcome trade war truce, but worry about long-term outlook

US President Donald Trump, Japan's Prime Minister Shinzo Abe and China's President Xi Jinping at the G20 summit in Osaka. Photo: AFP

Founder of Unit Bricks Timothy Stuart photographed at his home in Lantau. 24OCT18 [FEATURES] SCMP / Xiaomei Chen

Manufacturers in China are anxious about the volatility of the situation and uncertainty over how solid the trade war truce is. Photo: Xinhua

Donald Trump, Xi Jinping agree to trade war truce and to resume talks after G20 summit meeting

The meeting between Xi Jinping and Donald Trump lasted 80 minutes, 10 minutes less than scheduled. Photo: Reuters

Chinese President Xi Jinping speaks during his meeting with President Donald Trump on the sidelines of the G-20 summit in Osaka, Japan, Saturday, June 29, 2019. (AP Photo/Susan Walsh)

China offers five-year tax breaks to chip makers, software developers to bolster industry as trade war stretches to tech

Chip making is one of 10 key sectors in which Beijing hopes its domestic players will catch up with global leaders and become self-sufficient by 2025. Photo: AFP

37 Chinese firms and universities added to US ‘unverified list’ telling suppliers to handle them with care

The latest US move targets 37 mainland Chinese companies and universities. Photo: AFP

Department of Commerce Washington DC US. Photo: Alamy

Tech

Big Tech

Business

China Business

Shares of Shanghai-listed Sanan Optoelectronics Co surged on Monday as part of a strong rally in Chinese tech stocks


Shares of Shanghai-listed Sanan Optoelectronics Co surged on Monday as part of a strong rally in Chinese tech stocks, after the world’s two largest economies declared a truce in their trade war.


US-China trade war

US-China tech war

Technology