Chinese technology stocks rallied on Thursday, with the Shenzhen Component climbing 0.5% to above 10,460, following reports that the US has lifted certain export restrictions on chip design software to China.
In May, US authorities had instructed several chip design software firms to seek licenses before exporting tools and semiconductor-related chemicals to Chinese companies.
The easing of these restrictions comes as part of the recently announced US-China trade agreement, which includes provisions to resume trade in rare earths and advanced technologies.
Chip-related stocks led the market higher, with notable gains from Foxconn Industrial (+8%), Luxshare Precision (+3.8%), Eoptolink Technology (+1.7%), and Victory Giant (+3.9%).
Meanwhile, data showed that China’s services sector growth slowed to a nine-month low in June, contrasting with a stronger-than-expected rebound in manufacturing activity earlier in the week and underscoring ongoing uncertainty in the broader economy.
