(Yicai Global) May 17 -- Chinese equities connected with Huawei Technologies, which the US government put on a trade blacklist this week, surged after the company's chipmaking affiliate HiSilicon said it is deploying its "Plan Bs."
Software provider ArcherMind Technology [SHE:300598], electronic toolmaker Sunyes Electronic Manufacturing Holding [SHE:002388], and water meter producer Sanchuan Wisdom Technology [SHE:300066] all climbed by the exchange-imposed daily trading limit of 10 percent today.
HiSilicon has prepared for the "extreme scenario" that US technologies would not be available and it has immediately turned to backup plans to continue normal operations, He Tingbo, president of the Shenzhen-based semiconductor unit, said in a letter to employees.
US President Donald Trump declared a national emergency two days ago over threats to US technologies and his administration added Huawei and 70 affiliates to a list of firms that from now on will have a harder time securing supplies from US companies.
Huawei has been Sunyes's largest customer for many years, and the telecoms giant cooperates with Sanchuan to develop digitally connected water meters. ArcherMind makes software for Android chips that Huawei uses.
The Shanghai Composite Index was flat this morning at 2,955.77. The Shenzhen Component Index rose 0.1 percent to 9,299.46. The ChiNext Index was up 0.3 percent at 1,537.45.
Editor: Emmi Laine