Yazılar

US May Target Samsung, Hynix, and TSMC Operations in China by Revoking Trade Authorizations

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The U.S. Department of Commerce is considering revoking authorizations granted in recent years to major chipmakers Samsung, SK Hynix, and TSMC that allow them to receive U.S. goods and technology at their manufacturing plants in China, sources familiar with the matter said. This potential move would complicate operations for these foreign semiconductor firms in China, where they produce chips used across many industries.

While the likelihood of the U.S. actually withdrawing these authorizations remains uncertain, officials view the tactic as a contingency if the current trade truce between the U.S. and China deteriorates. A White House official emphasized that the U.S. is “just laying the groundwork” and expressed confidence the trade agreement would continue, including the agreed supply of rare earth minerals from China. The official clarified that “there is currently no intention of deploying this tactic,” but it remains a tool in case bilateral relations worsen.

Following early reports, shares of U.S. semiconductor equipment suppliers that serve Chinese plants dropped: KLA Corp fell 2.4%, Lam Research declined 1.9%, and Applied Materials sank 2%. Conversely, shares of Micron Technology, a key competitor to Samsung and SK Hynix in memory chips, rose 1.5%.

TSMC declined to comment, while Samsung and SK Hynix did not respond to requests for comment. Lam Research, KLA, and Applied Materials also did not immediately respond.

Background: In October 2022, the U.S. imposed broad restrictions on chipmaking equipment exports to China but provided foreign firms like Samsung and SK Hynix with letters authorizing shipments. In 2023 and 2024, these companies received “Validated End User” (VEU) status, which allows them to obtain U.S.-controlled products more quickly and reliably without needing multiple export licenses. However, VEU status comes with conditions such as equipment prohibitions and reporting requirements.

A Commerce Department spokesperson said chipmakers would still be able to operate in China if the authorizations are revoked. The enforcement mechanisms would align with licensing rules for other semiconductor firms exporting to China, ensuring the U.S. applies an equal and reciprocal approach.

Industry insiders warn that stricter U.S. controls could unintentionally benefit Chinese domestic competitors by making it harder for foreign companies to receive equipment, calling such a move “a gift” to China’s semiconductor industry.

China Pushes Digital Yuan to Promote Multi-Polar Global Currency System

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China’s central bank governor, Pan Gongsheng, announced plans to expand international use of the digital yuan (e-CNY) and called for developing a multi-polar global currency system during the Lujiazui Forum in Shanghai. This system would feature several dominant currencies competing with checks and balances, reducing reliance on the U.S. dollar and enhancing global financial stability.

To support this, China will establish an international operation centre for the digital yuan in Shanghai, aiming to boost the yuan’s role in global trade amid growing investor demand for alternatives to dollar-based assets. Pan highlighted vulnerabilities in traditional cross-border payment systems, which are prone to politicization and unilateral sanctions, positioning the digital yuan as a more resilient and efficient solution.

In a significant step, six foreign banks—including Standard Bank and First Abu Dhabi Bank—have agreed to adopt China’s Cross-Border Interbank Payment System (CIPS) for yuan-based international settlements, broadening the yuan’s footprint in global commerce.

China’s foreign exchange regulator emphasized maintaining a stable yuan exchange rate to shield against external shocks. Officials also pledged to further open China’s financial markets to foreign investors, promoting transparency and attracting international participation. With China’s fast-growing consumer market, foreign financial institutions are seen as key contributors to building a modernized financial system.

The move comes amid increasing global shifts away from the dollar, driven by U.S. tariff tensions and rising interest in cryptocurrencies and stablecoins as alternative stores of value.

China to Launch New STAR Market Segment for Pre-Profit Growth Companies

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China’s securities regulator announced plans to create a new segment within Shanghai’s tech-focused STAR Market designed specifically for pre-profit growth companies, aiming to bolster innovation amid rising China-U.S. tensions in trade and technology.

The upcoming “growth segment” will support companies that have yet to turn a profit but demonstrate significant technological breakthroughs, strong commercial potential, and substantial investment in research and development, according to guidelines from the China Securities Regulatory Commission (CSRC).

CSRC Chairman Wu Qing emphasized the need for robust capital market support for both tech giants and emerging startups, highlighting ongoing reforms to strengthen China’s financial ecosystem amid shifting global economic and trade dynamics.

The regulator will also establish mechanisms to bring in experienced institutional investors to the STAR Market, reinforcing its role as a platform to advance China’s strategic goal of achieving technological independence and global leadership.

The CSRC further pledged to facilitate listings from companies working on frontier technologies, including artificial intelligence and aerospace, aligning with China’s ambitions in cutting-edge sectors.

This move comes as many Chinese firms are considering public listings in Hong Kong, which is actively attracting new listings amid a recovering stock market environment.