Shares of Mainland’s Top Chipmaker Plunge on U.S. Blacklist Reports

Shares of Semiconductor Manufacturing International Corp. (SMIC) tumbled following reports that the U.S. may put the Chinese mainland’s most advanced contract chip manufacturer on an economic blacklist.

On Monday, SMIC closed down 22.9% in Hong Kong, while the company closed down 11.3% in Shanghai, wiping more than $5 billion off its market cap.