Chip stocks rally after Huawei’s low-key launch of new Mate 60 Pro phone

SHENZHEN/SHANGHAI: 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 mark 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.